Company Cars in Canada - How They Work and One Big Mistake to Avoid

Video Description

Our top tips on owning or leasing a vehicle in your business plus how to avoid a common and costly mistake. ****************************** CONTENTS OF THIS VIDEO 00:00 - Intro 00:52 - Business Use vs Personal Use 01:50 - How Personal Use Affects Taxes for Owners 02:50 - How Personal Use Affects Taxes for Employees 04:34 - CRA Automobile Benefits Calculator Demo 08:10 - Big Mistake to Avoid: Keep Personal Use Under 50% 08:50 - Tax Deductions for Business Vehicles 09:50 - Supporting Documents 10:49 - Zero Emissions Vehicles (Rebates and Write-offs) ****************************** MENTIONED IN THIS VIDEO ► Company Cars Blog Article https://www.avalonaccounting.ca/blog/company-cars-canada ► CRA Automobile Benefits Calculator https://www.canada.ca/en/revenue-agency/services/e-services/e-services-businesses/automobile-benefits-online-calculator-disclaimer.html ► Documenting the use of a vehicle https://www.canada.ca/en/revenue-agency/services/what-s-new/documenting-use-a-vehicle.html ► Mileage Tracking Apps https://www.avalonaccounting.ca/blog/company-cars-canada#toc-3 ► Zero Emissions Vehicle Rebates https://tc.canada.ca/en/road-transportation/innovative-technologies/zero-emission-vehicles/light-duty-zero-emission-vehicles/incentives-purchasing-zero-emission-vehicles ****************************** AVALON ACCOUNTING Avalon is a virtual accounting firm located in Canada. We aim to be THE online accounting department for small businesses in Canada. We provide online bookkeeping, accounting services and expert financial advice for small businesses. We are on a mission to educate small business owners through our YouTube channel, blog and free resources. Check out our links below to dive in. ****************************** 🧑‍🏫 ONLINE COURSES ► Take your business to the next level with our online courses. https://www.avalonaccounting.ca/courses 🏅 ESSENTIAL FINANCIAL CONCEPTS FOR SMALL BUSINESSES (🆓FREE COURSE) ► Keys to building a business that provides owners with time, money and purpose. https://www.avalonaccounting.ca/courses/essential-financial-concepts-for-small-businesses 🖥️ LEARN MODERN BOOKKEEPING ► Learn to do your own bookkeeping with modern tools and our proven practices. https://www.avalonaccounting.ca/courses/bookkeeping-with-xero-and-dext 📈 BOOKKEEPING AND TAX FOR FREELANCERS ► This course teaches sole proprietors how to simplify bookkeeping and taxes. https://www.avalonaccounting.ca/courses/bookkeeping-and-taxes-for-freelancers ****************************** CONNECT ► Website: https://www.avalonaccounting.ca/ ► Blog: https://www.avalonaccounting.ca/blog ► Facebook: https://www.facebook.com/avalonaccoun... ► Instagram: https://www.instagram.com/avaloncpa/ ► LinkedIn: https://www.linkedin.com/company/avalon-accounting/ ****************************** FAQs ► What Can I Write-off? http://bit.ly/EXPENSESCAN ► Should I incorporate my business in Canada? http://bit.ly/INCORPCAN ► What is a shareholder loan? http://bit.ly/SHLOANCAN ► When and How Should I Hire an Employee? http://bit.ly/hirelikeapro ► Should I offer profit sharing? http://bit.ly/PROFITSHARECAN ****************************** FLOAT VISA - $500 CASH BACK Float Financial provides a company credit card built for modern businesses. Check out our review for details ► https://www.avalonaccounting.ca/blog/float-credit-card-review Use our referral link to receive $500 cash back ► https://tinyurl.com/floatvisa We may receive compensation when our link is used to sign up for a Float Visa. ****************************** 20% OFF INCORPORATION WITH OWNR If you are looking to incorporate (in Canada) and want to save some cash, check out Ownr with our affiliate link for 20% off incorporation costs: ► https://www.ownr.co/partners/avalon-accounting?gspk=avalon564 We may receive compensation when our link is used to sign up with OWNR ****************************** FREE BUSINESS GUIDES: ► Starting Your Business Guide: https://joecollins.typeform.com/to/bcOpcE8R?typeform-source=avalonaccounting.ca ► Business Owner’s Productivity Guide: https://joecollins.typeform.com/to/zJfbA48x?typeform-source=avalonaccounting.ca ► Financial Foundations Guide: https://joecollins.typeform.com/to/jFOOltxF?typeform-source=avalonaccounting.ca ► $1 Million Dollar Service Based Business Guide: https://joecollins.typeform.com/to/e26VYo7R?typeform-source=avalonaccounting.ca ► Manage Your Own Bookkeeping Course: https://avalonacounting.thinkific.com/courses/bookkeeping-course