View Single Post
      08-27-2010, 06:55 PM   #16
2kaccordocoupe
Brigadier General
2kaccordocoupe's Avatar
Canada
93
Rep
3,083
Posts

Drives: MY2017 M4
Join Date: Nov 2008
Location: The Six

iTrader: (2)

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