Hi, my car is financed, and i am currently doing deliveries as uber eats driver. Can i put the interest portion of monthly payments as expense ?

[deepa-ps31-gmail]

I checked the same on chatgpt and got this response, trying to validate, 
My question on CHatgpt - can i deduct interest portion of monthly payments on car as expenses while doing uber eats  delivery in canada ?

In Canada, if you use your car for business purposes such as Uber Eats delivery, you may be able to deduct certain expenses related to the use of your vehicle. The interest portion of your car loan payments is one of the expenses that can potentially be deducted, but there are specific rules and conditions you need to follow. Here are the key points to consider:

Business Use Percentage: You can only deduct the portion of your expenses that relates to the business use of your vehicle. This means you need to keep accurate records of the total kilometers driven and the kilometers driven for business purposes. The percentage of business use will determine how much of the car loan interest you can deduct.

Eligible Interest: Only the interest on the loan used to finance the vehicle can be deducted. You cannot deduct the principal portion of the loan payments.

Documentation: Keep detailed records and receipts of all your expenses, including the interest paid on the car loan. You should also keep a logbook of your driving to document the business use of your vehicle.

Maximum Allowable Interest: There are limits to how much interest you can deduct. The Canada Revenue Agency (CRA) sets a maximum allowable amount of interest that can be deducted for a passenger vehicle. As of the latest updates, this limit is $300 per month, but you should check the current year's CRA guidelines as this amount can change.

Other Car Expenses: Besides interest, you can also deduct other car-related expenses proportional to your business use, such as fuel, maintenance, insurance, licensing, and depreciation.

To accurately claim these deductions, you may want to consult with a tax professional or refer to the CRA’s guidelines on motor vehicle expenses. They can provide you with the most current information and ensure you are complying with all tax laws and regulations.

[Dipanshu7]

As you are using your vehicle to deliver for Uber Eats, you can deduct lease payments as an expense.

Here's the link for the full list of what else you can deduct as an Uber Delivery Driver and how to claim it on TurboTax.

Thank You for choosing TurboTax.