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Thread: Best way to purchase a work vehicle through business....

  1. #21
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    Quote Originally Posted by pheoxs View Post
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    Same as your busines credit card. When you first incorporate your business has no credit history so you’ll need to use your own credit history and personally guarantee the card incase your company defaults
    One way or the other, it's personal money. There's lots of ways to do it, but choosing the best one isn't immediately clear without some advice.
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    Quote Originally Posted by Maxt View Post
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    There aren't really any lawful perks to a business vehicle, since all non business use has to be declared as personal, taxable benefit. The only real perk for a lot of people, is driving a newer nice vehicle around. If you have business vehicles, you have to be able to justify all the mileage on it and what you did with it.
    Its also advisable to have other vehicles other than your work one to keep that separation apparent. I have my business vehicles, and then I have 3 other personally owned vehicles for my own use.
    Basically this.

    My personal truck is used about 25/75 between personal use and business use (the truck doesn't see much mileage, maybe 10k kms per year total). I keep a mileage log when doing business, and claim the fuel receipts for business use. It's not very often I need my truck for personal use, but having it be an actual company truck would be a pain as then you need to be reaaaallly accurate with your log and you are getting writeoffs based on XXcents/km compared to just writing off fuel and splitting maintenance costs.

    One thing you don't want to do is piss the CRA off. They will fuck you 6 ways from Sunday with no recourse. An accountant is so cheap, I'd go in for a consult. Well worth the couple hundred to help setup your business.

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    Quote Originally Posted by HiTempguy1 View Post
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    An accountant is so cheap, I'd go in for a consult. Well worth the couple hundred to help setup your business.
    Some accountants don't even charge for business setup advice. I got 90 minutes of my guys time "for free" when I started up and he was really helpful on a few details.
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    Quote Originally Posted by extraslow View Post
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    a good accountant should be one of your first steps. Before you incorporate. They can help you with share structure and other important foundational decisions.
    qft
    Originally posted by rage2
    ...Last thing I want is someone reading my posts and losing their cock over it...
    Originally posted by Sugarphreak
    Meh, they all look like Jackie Chan to me
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    You dudes have some squeaky clean assholes. I commend you.

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