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B
buchmannmichele-
February 18, 2023
Question

Help with vehicle expenses. Self employed

  • February 18, 2023
  • 1 reply
  • 0 views
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    1 reply

    G
    guriraji
    February 18, 2023

    If you earn self-employed income and use your motor vehicle for the purpose of earning a profit then you will be able to claim the related business expenses on your income tax return and use them to reduce the amount of taxable business income you earned.

    On line 9281 of your T2125 form, Motor vehicle expenses, you may be eligible to claim:

    • License and registration fees;
    • Fuel and oil costs;
    • Insurance;
    • Interest on money borrowed to buy a motor vehicle;
    • Maintenance and repairs; and
    • Leasing costs.

    For more detail, you can refer to this TurboTax link: https://turbotax.intuit.ca/tips/what-motor-vehicle-expenses-can-your-small-business-claim-1988

     

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