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MQ Accounting Professional Corporation "There are only two days in the year that nothing can be done. One is called yesterday and the other is called tomorrow." - Dalai LamaMQ Accounting Professional Corporation Vehicle Series, Last Day and then itโs road trip time ๐
Incorporated Companies, maybe buying a car outright or financing is not the best option for your business. For tax purposes a company can lease a vehicle and the allowable deduction is $800.00 of pre-tax lease payment. ๐ฐYou can of course get a vehicle that has a higher payment but the tax limitation is the $800.00. As seen earlier this week all fuel โฝ๏ธis paid for by the corporation as the vehicle is used primarily for business operations.
The biggest issue with a corporation buying or leasing a vehicle is to watch out for those personal kilometres because the owner/shareholder or even employees for that matter may incur a taxable benefit by having privileges of using a company car personallyโฆ.. but taxable benefits are for another day.๐
Thanks for being my passenger this week.๐
If you have any questions about your vehicle and your business please let me know.
๐ 613-619-4400
๐ฉ info@mqaccounting.ca
MQ Accounting Professional Corporation Photos from MQ Accounting Professional Corporation's postScheuermann Vineyard and WineryWonderful pizza ๐ great atmosphere ๐ทand friendly family staff ๐
A great dinner at @schvinewine
#smallbusinesseveryday #entrepreneur #shoplocal #westport #westportontario #eatlocal #winery #vineyardviews #supportlocalbusiness #businesssupport #smallbusinessMQ Accounting Professional Corporation Day 4: Vehicle Series ๐๐
Incorporated Companies that own a vehicle. (Again there are multiple options here, let me explain!)
The company has just purchased a vehicle in the business name, it is used mainly for business deliveries and purchasing product. The company is the owner of the vehicle and is responsible for all costs for the vehicle. All fuel, repairs and maintenance, insurance and licensing costs are assumed by the company and are allowable expenses. The company can hold a loan for the financing of the vehicle and the interest is an allowable deduction for tax purposes.MQ Accounting Professional Corporation Day 3:
Vehicle Series, pedal to the metal
Incorporated Companies ๐ฃ. There are a couple of vehicle options here so letโs cover a shareholder using their personal car for business purposes first.
The shareholder can charge their incorporated company a kilometer rate as outlined by the Canada Revenue Agency. So itโs necessary to track the business kilometers used on the vehicle. Essentially the owner would do an expense report to the business to get paid a mileage reimbursement which is TAX FREE to the owner and an expense for the company.
๐ง๐ต๐ฒ ๐๐ฅ๐ ๐ฎ๐ฌ๐ฎ๐ฌ-๐ธ๐ถ๐น๐ผ๐บ๐ฒ๐๐ฒ๐ฟ ๐ฟ๐ฎ๐๐ฒ ๐ฎ๐น๐น๐ผ๐๐ฎ๐ป๐ฐ๐ฒ๐ ๐ฎ๐ฟ๐ฒ: ๐ฑ๐ต๐ฐ๐ฒ๐ป๐๐ ๐ณ๐ผ๐ฟ ๐๐ต๐ฒ ๐ณ๐ถ๐ฟ๐๐ ๐ฑ,๐ฌ๐ฌ๐ฌ ๐ธ๐ถ๐น๐ผ๐บ๐ฒ๐๐ฒ๐ฟ๐ ๐ฎ๐ป๐ฑ ๐ฑ๐ฏ ๐ฐ๐ฒ๐ป๐๐ ๐ฝ๐ฒ๐ฟ ๐ธ๐ถ๐น๐ผ๐บ๐ฒ๐๐ฒ๐ฟ ๐๐ต๐ฒ๐ฟ๐ฒ๐ฎ๐ณ๐๐ฒ๐ฟ.
The current and previous rates can be found here:
https://www.canada.ca/en/revenue-agency/services/tax/businesses/topics/payroll/benefits-allowances/automobile/automobile-motor-vehicle-allowances/automobile-allowance-rates.html
MQ Accounting Professional Corporation The CERB program is coming to an end at end of September and transitioning to an EI program.
More details to come and what it means for taxpayers.
Transitioning from CERB to EI could leave millions worse off - Behind the NumbersFast Facts: More than 4 million Canadians will be affected when the Canadian Emergency Response Benefit (CERB) winds down on September 27. 2.1 million CERB recipients will be eligible for CERBโs replacement, Canadaโs revamped Employment Insurance (EI)โbut 781,000 of them wonโt be automatical...behindthenumbers.ca
"There are only two days in the year that nothing can be done. One is called yesterday and the other is called tomorrow." - Dalai Lama
Vehicle Series, Last Day and then itโs road trip time ๐
Incorporated Companies, maybe buying a car outright or financing is not the best option for your business. For tax purposes a company can lease a vehicle and the allowable deduction is $800.00 of pre-tax lease payment. ๐ฐYou can of course get a vehicle that has a higher payment but the tax limitation is the $800.00. As seen earlier this week all fuel โฝ๏ธis paid for by the corporation as the vehicle is used primarily for business operations.
The biggest issue with a corporation buying or leasing a vehicle is to watch out for those personal kilometres because the owner/shareholder or even employees for that matter may incur a taxable benefit by having privileges of using a company car personallyโฆ.. but taxable benefits are for another day.๐
Thanks for being my passenger this week.๐
If you have any questions about your vehicle and your business please let me know.
๐ 613-619-4400
๐ฉ info@mqaccounting.ca
Incorporated Companies, maybe buying a car outright or financing is not the best option for your business. For tax purposes a company can lease a vehicle and the allowable deduction is $800.00 of pre-tax lease payment. ๐ฐYou can of course get a vehicle that has a higher payment but the tax limitation is the $800.00. As seen earlier this week all fuel โฝ๏ธis paid for by the corporation as the vehicle is used primarily for business operations.
The biggest issue with a corporation buying or leasing a vehicle is to watch out for those personal kilometres because the owner/shareholder or even employees for that matter may incur a taxable benefit by having privileges of using a company car personallyโฆ.. but taxable benefits are for another day.๐
Thanks for being my passenger this week.๐
If you have any questions about your vehicle and your business please let me know.
๐ 613-619-4400
๐ฉ info@mqaccounting.ca
Photos from MQ Accounting Professional Corporation's post
Scheuermann Vineyard and Winery
Wonderful pizza ๐ great atmosphere ๐ทand friendly family staff ๐
A great dinner at @schvinewine
#smallbusinesseveryday #entrepreneur #shoplocal #westport #westportontario #eatlocal #winery #vineyardviews #supportlocalbusiness #businesssupport #smallbusiness
A great dinner at @schvinewine
#smallbusinesseveryday #entrepreneur #shoplocal #westport #westportontario #eatlocal #winery #vineyardviews #supportlocalbusiness #businesssupport #smallbusiness
Day 4: Vehicle Series ๐๐
Incorporated Companies that own a vehicle. (Again there are multiple options here, let me explain!)
The company has just purchased a vehicle in the business name, it is used mainly for business deliveries and purchasing product. The company is the owner of the vehicle and is responsible for all costs for the vehicle. All fuel, repairs and maintenance, insurance and licensing costs are assumed by the company and are allowable expenses. The company can hold a loan for the financing of the vehicle and the interest is an allowable deduction for tax purposes.
Incorporated Companies that own a vehicle. (Again there are multiple options here, let me explain!)
The company has just purchased a vehicle in the business name, it is used mainly for business deliveries and purchasing product. The company is the owner of the vehicle and is responsible for all costs for the vehicle. All fuel, repairs and maintenance, insurance and licensing costs are assumed by the company and are allowable expenses. The company can hold a loan for the financing of the vehicle and the interest is an allowable deduction for tax purposes.
Day 3:
Vehicle Series, pedal to the metal
Incorporated Companies ๐ฃ. There are a couple of vehicle options here so letโs cover a shareholder using their personal car for business purposes first.
The shareholder can charge their incorporated company a kilometer rate as outlined by the Canada Revenue Agency. So itโs necessary to track the business kilometers used on the vehicle. Essentially the owner would do an expense report to the business to get paid a mileage reimbursement which is TAX FREE to the owner and an expense for the company.
๐ง๐ต๐ฒ ๐๐ฅ๐ ๐ฎ๐ฌ๐ฎ๐ฌ-๐ธ๐ถ๐น๐ผ๐บ๐ฒ๐๐ฒ๐ฟ ๐ฟ๐ฎ๐๐ฒ ๐ฎ๐น๐น๐ผ๐๐ฎ๐ป๐ฐ๐ฒ๐ ๐ฎ๐ฟ๐ฒ: ๐ฑ๐ต๐ฐ๐ฒ๐ป๐๐ ๐ณ๐ผ๐ฟ ๐๐ต๐ฒ ๐ณ๐ถ๐ฟ๐๐ ๐ฑ,๐ฌ๐ฌ๐ฌ ๐ธ๐ถ๐น๐ผ๐บ๐ฒ๐๐ฒ๐ฟ๐ ๐ฎ๐ป๐ฑ ๐ฑ๐ฏ ๐ฐ๐ฒ๐ป๐๐ ๐ฝ๐ฒ๐ฟ ๐ธ๐ถ๐น๐ผ๐บ๐ฒ๐๐ฒ๐ฟ ๐๐ต๐ฒ๐ฟ๐ฒ๐ฎ๐ณ๐๐ฒ๐ฟ.
The current and previous rates can be found here:
https://www.canada.ca/en/revenue-agency/services/tax/businesses/topics/payroll/benefits-allowances/automobile/automobile-motor-vehicle-allowances/automobile-allowance-rates.html
Vehicle Series, pedal to the metal
Incorporated Companies ๐ฃ. There are a couple of vehicle options here so letโs cover a shareholder using their personal car for business purposes first.
The shareholder can charge their incorporated company a kilometer rate as outlined by the Canada Revenue Agency. So itโs necessary to track the business kilometers used on the vehicle. Essentially the owner would do an expense report to the business to get paid a mileage reimbursement which is TAX FREE to the owner and an expense for the company.
๐ง๐ต๐ฒ ๐๐ฅ๐ ๐ฎ๐ฌ๐ฎ๐ฌ-๐ธ๐ถ๐น๐ผ๐บ๐ฒ๐๐ฒ๐ฟ ๐ฟ๐ฎ๐๐ฒ ๐ฎ๐น๐น๐ผ๐๐ฎ๐ป๐ฐ๐ฒ๐ ๐ฎ๐ฟ๐ฒ: ๐ฑ๐ต๐ฐ๐ฒ๐ป๐๐ ๐ณ๐ผ๐ฟ ๐๐ต๐ฒ ๐ณ๐ถ๐ฟ๐๐ ๐ฑ,๐ฌ๐ฌ๐ฌ ๐ธ๐ถ๐น๐ผ๐บ๐ฒ๐๐ฒ๐ฟ๐ ๐ฎ๐ป๐ฑ ๐ฑ๐ฏ ๐ฐ๐ฒ๐ป๐๐ ๐ฝ๐ฒ๐ฟ ๐ธ๐ถ๐น๐ผ๐บ๐ฒ๐๐ฒ๐ฟ ๐๐ต๐ฒ๐ฟ๐ฒ๐ฎ๐ณ๐๐ฒ๐ฟ.
The current and previous rates can be found here:
https://www.canada.ca/en/revenue-agency/services/tax/businesses/topics/payroll/benefits-allowances/automobile/automobile-motor-vehicle-allowances/automobile-allowance-rates.html
The CERB program is coming to an end at end of September and transitioning to an EI program.
More details to come and what it means for taxpayers.
More details to come and what it means for taxpayers.
Transitioning from CERB to EI could leave millions worse off - Behind the Numbers
Fast Facts: More than 4 million Canadians will be affected when the Canadian Emergency Response Benefit (CERB) winds down on September 27. 2.1 million CERB recipients will be eligible for CERBโs replacement, Canadaโs revamped Employment Insurance (EI)โbut 781,000 of them wonโt be automatical...
behindthenumbers.ca