Calgarypuck Forums - The Unofficial Calgary Flames Fan Community

Go Back   Calgarypuck Forums - The Unofficial Calgary Flames Fan Community > Main Forums > The Off Topic Forum
Register Forum Rules FAQ Community Calendar Today's Posts Search

Reply
 
Thread Tools Search this Thread
Old 07-15-2008, 01:49 PM   #1
Winsor_Pilates
Franchise Player
 
Winsor_Pilates's Avatar
 
Join Date: Mar 2005
Location: Van City - Main St.
Exp:
Default Car payments and taxation

I need help from some savvy accountant types.

I will soon be working as a contract sales person in real estate. I know this entitles me to some tax benefits in regards to car payments, but don't quite know the details.

As, I'm buying a new car, I want to figure this out first, since it will effect my decision on how to buy.
If I choose to lease, finance or buy outright, how does this change my tax exemption?

Do I need to by making monthly payments to right anything off? and if so, can those payments be to a Line of Credit? or do they have to be direct car payments to a lease or dealer finance?

thanks
Winsor_Pilates is offline   Reply With Quote
Old 07-15-2008, 02:31 PM   #2
TimSJ
First Line Centre
 
TimSJ's Avatar
 
Join Date: Oct 2001
Location: Saint John, NB
Exp:
Default

The maximum write off at 100% for a lease is $750 month plus HST.. If you own or finance the vehicle through bank etc it really works out to about the same.. Gas, repairs etc are also deductable. you will need a form (can't remember the number) from your employer saying you are elidgable

here is a link with some info as well. http://www.carlogcanada.com/resources-canada.html
TimSJ is offline   Reply With Quote
Reply


Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off

Forum Jump


All times are GMT -6. The time now is 09:35 AM.

Calgary Flames
2024-25




Powered by vBulletin® Version 3.8.4
Copyright ©2000 - 2025, Jelsoft Enterprises Ltd.
Copyright Calgarypuck 2021 | See Our Privacy Policy