The vehicle is mine, the company reimbursed for car payment, insurance, and maintenance. Everyone is talking about work KM's and I don't know how it factors into my personal income tax?
You can claim any of the following expenses only if they are approved by your employer:
Whether you owned or leased your vehicle, you can claim the interest on the money you borrowed to buy or lease it. Take the lower of the following amounts:
You deduct the percentage of your motor vehicle expenses that relate to your work. You need to keep a logbook of the mileage you drove to earn income and the total mileage you drove in the tax year for both work and personal use. For more information, please see our TurboTax article: Employment Expenses: What Motor Vehicle Expenses Can You Claim?
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