Hi Guys,
Im new in Canada and not to familiar with the taxing yet and the writeoffs for businesses (i.e. car etc). How does it work?
Lets say I lease a car for $1200+tax, what amount is written off at the end of the year? Is it just the taxed portion? I was told if the business is doing well, then you can writeoff the entire amount or something. I'm really confused. Help in this matter would be great. Thanks.
Also, I'm looking to purchase/finance a car or lease. I havnt started my business yet, still looking for a site to open it but would it be logical to lease a car? I'm looking for a coupe, preferable m3 - payment is like $1200+tax/month. As far as downpayment, I can only afford $2-4k as I would rather put the money into the business. Second, I have come across a few used coupes 04-05 G35 coupe with like 40-75k. Should I finance a used coupe, considering it;s been through the paces and trouble might loom ahead? Or should I put the money towards leasing? Lets say I lease a car starting in August, and I dont open my business until Sep-Oct, can I still write it off?
Help in this matter would be greatly appreciate. Also, what else can be written off? I have been told I can writeoff 25% of my bills (i.e. phone, AC etc), and even use my house as office space and write off (but I dont have a mortgage on it). I would really appreciate the helps.
Cheers,
Im new in Canada and not to familiar with the taxing yet and the writeoffs for businesses (i.e. car etc). How does it work?
Lets say I lease a car for $1200+tax, what amount is written off at the end of the year? Is it just the taxed portion? I was told if the business is doing well, then you can writeoff the entire amount or something. I'm really confused. Help in this matter would be great. Thanks.
Also, I'm looking to purchase/finance a car or lease. I havnt started my business yet, still looking for a site to open it but would it be logical to lease a car? I'm looking for a coupe, preferable m3 - payment is like $1200+tax/month. As far as downpayment, I can only afford $2-4k as I would rather put the money into the business. Second, I have come across a few used coupes 04-05 G35 coupe with like 40-75k. Should I finance a used coupe, considering it;s been through the paces and trouble might loom ahead? Or should I put the money towards leasing? Lets say I lease a car starting in August, and I dont open my business until Sep-Oct, can I still write it off?
Help in this matter would be greatly appreciate. Also, what else can be written off? I have been told I can writeoff 25% of my bills (i.e. phone, AC etc), and even use my house as office space and write off (but I dont have a mortgage on it). I would really appreciate the helps.
Cheers,
