Granville Accounting and Tax Preparation Services
4740 Highway 1 B0S1K0 Granville Ferry, NS, Canada

Recording Vehicle Usage NOTE: Phone Apps Have great Feature for Keeping automatic logs for you. Apps Like Everlance. Keep a Trip Log to Identify the Business Use of Your Vehicle... A separate log should be kept for each vehicle which is driven for both business and personal use. For the self-employed, only the business portion of vehicle expenses can be deducted from income, and GST/HST input tax credits are only allowed related to the business use of a vehicle. For businesses which provide vehicles to employees, trip logs substantiate the business use of a vehicle, and the business must calculate the taxable benefit to employees based on the personal use. The log should record the date of each business trip, destination, reason for the trip, and the kilometres driven. The odometer reading of the vehicle must also be recorded, at the beginning and end of each year, to determine the total kilometres driven in the fiscal period. If you buy, sell or trade your vehicle during the year, be sure to record the odometer reading at that time.

We have new Offices 4740 Highway 1 Granville Ferry Nova Scotia... B0S1A0 See more