I'm a salaried sales employee and was issued a T2200 from my employer, How does my car KM's factor into my tax situation?

[daveb_00001]

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?

[honey200]

You can claim any of the following expenses only if they are approved by your employer:

• fuel (gasoline, propane, oil)
• maintenance and repairs
• insurance
• license and registration fees
• capital cost allowance (CCA)
• eligible interest you paid on a loan used to buy the motor vehicle
• eligible leasing costs

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:

• total interest paid in the year
• $10.00 x the number of days for which interest was paid

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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