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    Default Business write off for vehicles

    https://forums.beyond.ca/threads/409...-Model-X/page1

    Let's get this out of the way: I am a rube.
    Can someone ELI5 how I can write off luxury vehicle purchases on business accounts? I may not be the best cook, but I am sure that I can handle City Wok recipes in exchange for deep discounts on expensive vehicles.
    TIA.

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    Well, I don't know much about his business, but here's my simplistic and won't get you in trouble take on the topic of business write-offs.

    Business expense write-off are legit if:
    1) you truly require the item to conduct your business
    2) you fairly assess what portion of the usage of that item benefits you personally and only claim the rest.


    My other, related rule is that you should never be looser with your company's money than you would be with your own. Being frugal is prudent for both.
    Last edited by ExtraSlow; 03-24-2019 at 11:09 AM.
    Quote Originally Posted by killramos View Post
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    You realize you are talking to the guy who made his own furniture out of salad bowls right?

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    You can write off whatever you want. Just make sure you have enough evidence to stand up to an audit.

    If a car is potentially be used for personal use, logging kms and claiming 58/52 cents/km is probably the safest way to claim it.

    But if you can justify and prove the car is 100% for business, you can claim 15% depreciation per year on the value of vehicle or if you lease, you can claim up to $800/month.
    Last edited by Xtrema; 03-24-2019 at 11:42 AM.

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    Quote Originally Posted by ExtraSlow View Post
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    Well, I don't know much about his business, but here's my simplistic and won't get you in trouble take on the topic of business write-offs.

    Business expense write-off are legit if:
    1) you truly require the item to conduct your business
    2) you fairly assess what portion of the usage of that item benefits you personally and only claim the rest.


    My other, related rule is that you should never be looser with your company's money than you would be with your own. Being frugal is prudent for both.
    Good advice.

    However most people consider their small business to be a tax free bank account, guess it depends on what you are comfortable with.
    Originally posted by Thales of Miletus

    If you think I have been trying to present myself as intellectually superior, then you truly are a dimwit.
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    fact.
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    guessing who I might be, psychologizing me with your non existent degree.

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    Quote Originally Posted by ExtraSlow View Post
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    My other, related rule is that you should never be looser with your company's money than you would be with your own. Being frugal is prudent for both.

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    Quote Originally Posted by killramos View Post
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    Good advice.

    However most people consider their small business to be a tax free bank account, guess it depends on what you are comfortable with.
    If your business spins off so much profit that you are already paying the owners well and are investing in the future of the business, then I suppose it's time to either get creative with spending company money for personal gain, or even better, sell the business.
    Quote Originally Posted by killramos View Post
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    You realize you are talking to the guy who made his own furniture out of salad bowls right?

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    ...
    Last edited by Sugarphreak; 08-18-2019 at 04:13 PM.

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    CRA indeed aren't idiots, but they don't catch everyone. It's a gamble lots of people are happy to take.
    Quote Originally Posted by killramos View Post
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    You realize you are talking to the guy who made his own furniture out of salad bowls right?

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    To be fair. I run a transport business which includes picking up and taking clients for business meetings and dinners.

    As far as I know I’m allowed to write off up to $30,000 for a gas vehicle and $55,000 for an electric vehicle for business purposes.
    Professionally Retired

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    Now I am no Tax Lawyer...

    But didn't you say the primary purpose was going on personal road trips and driving family around when they come visit lol.

    If I was trying to get away with buying a Tesla as a business expense, I probably wouldn't run my mouth saying things like that on the Interwebs.

    But that's just my opinion.

    Quote Originally Posted by KPHMPH View Post
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    It will probably be used 6-12 times a year when we go for family dinners and such.

    The business is buying it because it’s a write off.

    It’s nice to spend pre-taxed money on things that benifit us.
    Originally posted by Thales of Miletus

    If you think I have been trying to present myself as intellectually superior, then you truly are a dimwit.
    Originally posted by Toma
    fact.
    Quote Originally Posted by Yolobimmer View Post
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    guessing who I might be, psychologizing me with your non existent degree.

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    It's probably not appropriate for any of us to comment on the specifics of someone's business tax situation.
    Quote Originally Posted by killramos View Post
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    You realize you are talking to the guy who made his own furniture out of salad bowls right?

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    Quote Originally Posted by ExtraSlow View Post
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    It's probably not appropriate for any of us to comment on the specifics of someone's business tax situation.
    appropriate? No.

    Entertaining? Yes
    Originally posted by Thales of Miletus

    If you think I have been trying to present myself as intellectually superior, then you truly are a dimwit.
    Originally posted by Toma
    fact.
    Quote Originally Posted by Yolobimmer View Post
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    guessing who I might be, psychologizing me with your non existent degree.

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    I'll stick to teasing him about his terrible choice in vehicles.
    Quote Originally Posted by killramos View Post
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    You realize you are talking to the guy who made his own furniture out of salad bowls right?

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    Quote Originally Posted by ExtraSlow View Post
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    I'll stick to teasing him about his terrible choice in vehicles.
    I am just proud of myself for waiting for the whole second thread to poke fun.
    Originally posted by Thales of Miletus

    If you think I have been trying to present myself as intellectually superior, then you truly are a dimwit.
    Originally posted by Toma
    fact.
    Quote Originally Posted by Yolobimmer View Post
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    guessing who I might be, psychologizing me with your non existent degree.

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    Good point, that's remarkable restraint.
    Quote Originally Posted by killramos View Post
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    You realize you are talking to the guy who made his own furniture out of salad bowls right?

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    Quote Originally Posted by killramos View Post
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    I probably wouldn't run my mouth saying things like that on the Interwebs.
    We don't tattle on beyond, bro.

    This is a better quote.

    Quote Originally Posted by KPHMPH View Post
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    Do you guys think this is my choice?

    I drive a Superduty... that’s mine. :lol:

    We are in the market for a *luxury* SUV... the business is going to buy it.
    Last edited by The_Rural_Juror; 03-24-2019 at 01:31 PM.

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    Back on topic before Killramos poops all over this one.

    I can drive Uber for a few days a month and write off $55k on a Tezzzla?

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    Quote Originally Posted by The_Rural_Juror View Post
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    Back on topic before Killramos poops all over this one.

    I can drive Uber for a few days a month and write off $55k on a Tezzzla?
    Well, you need sufficient revenue that creates sufficient business tax to write expenses off against.
    Quote Originally Posted by killramos View Post
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    You realize you are talking to the guy who made his own furniture out of salad bowls right?

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    You mean I actually have to work? Summabish.

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    ...
    Last edited by Sugarphreak; 08-18-2019 at 04:13 PM.

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