Write Off Automobile Expenses In Canada

Canada Discussion in 'Businesses / Corporations' started by Gordon Paice, Aug 13, 2018.

  1. Gordon Paice

    Gordon Paice

    Joined:
    Aug 12, 2018
    Messages:
    1
    Likes Received:
    0
    Hello,

    Is it possible to register a business in Canada for the sole purpose of avoiding car lease payments? Such a business would have annual revenue of $0 (or close to), and declare an automobile expense for business use from purchase of a vehicle. If this is possible, would the expense be reimbursed due to the business suffering a loss because expense of the car greatly exceeds revenue generated, or does this require a properly functioning business with revenue to deduct the expense from taxes?

    Thanks,

    Gordon
     
    Gordon Paice, Aug 13, 2018
    #1
    1. Advertisements

  2. Gordon Paice

    wave

    Joined:
    Oct 21, 2016
    Messages:
    22
    Likes Received:
    1
    Not too sure about this but you mentioned '0' revenue and from my understanding it is not possible to deduct if there is no revenue attached to it, i guess its the establishment of the fact you incur expense to generate revenue hence expense is deductible otherwise its a bit grey! I suggest look into local law..
     
    wave, Aug 13, 2018
    #2
    1. Advertisements

Ask a Question

Want to reply to this thread or ask your own question?

You'll need to choose a username for the site, which only take a couple of moments (here). After that, you can post your question and our members will help you out.