I use 2 personal vehicles for part time work. What and how much can I expense for each vehicle?

one of the vehciles is paid off in full

The other is still financed

I would use each vehicle approximately 20% of the total use for self employed business.  

Answer

You might be able to claim 20% of the loan interest.  In your case I would strongly recommend the use of a vehicle log in each car.  This is becoming CRA's great interest at the moment.  You must be able to prove that the mileage you claim is related to business by specifying how many kilometers are used and what for each time it is driven.

The days of just totaling all of your vehicle bills and making an arbitrary split are coming to an end.  If you use a percentage of 20% of the total vehicle use for each vehicle, it seems that would add up to 40% all together, which is a pretty high percentage for a part time self employment.  Think of how you can back up your claim if CRA calls for vehicle expenses.

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