What is the calculation for my Turo business in quebec?

[smeele]

In quebec what would the calculation be for my Turo car rental business? I rent my own personal car out for a portion of each month. I need to deduct a percentage of car payments, insurance etc. so what does that calculation look like?

Also I'm wondering am i able to deduct other costs related to my turo such as:

1. car repairs

2. car cleaning expenses such as car washes, cleaning supplies etc

3. appliances purchased to clean vehicle, steam cleaner, vaccum etc.

4. anything else I didn't think of that I can claim.

[TurboTaxLise · Accepted solution]

You would be considered self-employed, which means you would fill out a T2125 and claim related expenses. Found under the Income tab – Self Employment and start from there and provincial portions are directly after the federal entries.

Turo is required by Quebec law to collect from guests a 9.975% Quebec Sales Tax on trips and services for Quebec residents. 

Money earned from the rental of the vehicle would be considered income, and you then deduct the expenses.

To claim the vehicle expenses, you will need to record how many km were driven in the year and how many km were driven while it was rented out.

Then claim all you listed, except car payments (CCA instead and any loan interest).

Appliances for cleaning also capital costs. See this link for more details (although it is not geared towards Turo, the expense portion remains the same): https://turbotax.intuit.ca/tips/claiming-common-vehicle-expenses-as-an-uber-partner-6773

All the math is done by the software as soon as you input the vehicle mileage and expenses, the software will do the rest.

Important: Please ensure you keep detailed records of all transactions made with your vehicle, personal and business for comparison in case the CRA requests this information later.