I am a sole proprietor and use my vehicle for 50% of the time for work and the reason i am buying this vehicle is so it works better for work.
You will enter te vehicle as an aquisition in the tax year, and claim depreciation. The vehicle will be a class 10 asset.
You also need to track total km for the vehicle, and km used for business. You will include all your gas purchases, maintenance, insurance, licencing etc. You will also calculate your interest paid in the tax year for the financing.
The percentage of vehicle expenses claimed against the business will be determined by the ratio of km used for business compared to total km driven in the tax year.
You will enter te vehicle as an aquisition in the tax year, and claim depreciation. The vehicle will be a class 10 asset.
You also need to track total km for the vehicle, and km used for business. You will include all your gas purchases, maintenance, insurance, licencing etc. You will also calculate your interest paid in the tax year for the financing.
The percentage of vehicle expenses claimed against the business will be determined by the ratio of km used for business compared to total km driven in the tax year.
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