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      08-27-2010, 05:55 PM   #16
2kaccordocoupe
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Drives: 2009 335i E92 Coupe
Join Date: Nov 2008
Location: GTA

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2009 e92 335i  [0.00]
Quote:
Originally Posted by aspiring335 View Post
I still think it's better to pay yourself a mileage allowance rather than write off the lease payment. You can pay yourself $0.55 / km for the first 5,000 km of business use and $0.45 km thereafter for legitimate business use. That money is 100% tax free and 100% deductible for the business. You can in fact pay yourself any amount per km, but the business can only deduct up to these amounts.

It's nice because even if you have a beater that you own outright you can still pay yourself the mileage allowance.
+1
Knowing a good accountant also helps here
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