[kluk]

thanks for all the help guys!!

[jaycabrio]

If you could write-off some portion on your income, I think lease is the way to go.

You could deduct depreciation and interest from financing too but it's more complicated hence making it less worthwhile.

And for those interested in having their car in write-off for tax saving, there's a limit on how much you can do per year on your vehicle. Although there are some exceptions depending on your profession, it's generally no more than $898.89 per month (this was from the last tax filling) for self-employed (my case).

Feel free to correct me if I'm wrong, but I've been doing so for years and never been audited. knock knock.

[commie]

Originally Posted by jaycabrio

Feel free to correct me if I'm wrong, but I've been doing so for years and never been audited. knock knock.

The key to not getting audited in terms of claiming employment expenses and car leases is to keep the ratio of Work usage and personal usage of the automobile below 75%..(75 Work/25 Personal)...Anything over 75% will trigger CRA to audit your tax return.