Business Expenses - Motor Vehicle Expenses
Motor Vehicle Expenses
You can deduct expenses you incur to run a motor vehicle that you use to earn business income. However, several factors can affect your deduction and the supporting documentation required does depend on the business structure. If the vehicle is owned personally, there is the potential to claim a KM reimbursement for any distance travelled for business purposes. Travel for business purposes does not include a commute to/from a office space.
If the corporation owns the vehicle and it is used solely for business purposes, the following are examples of items you can deduct:
Any repairs required to the vehicle
Fuel
Maintenance expenses such as an oil change
Insurance
