Let’s begin with the question most of us face when getting a car. A wrong decision can cost you thousands of dollars, it’s a big one!

Should I lease or buy a car?
What are the tax benefits of leasing a car vs financing a car?
Leasing vs financing a car?

In this video the accountant has explained in easy words how leasing a car vs financing a car works? I have elaborated the terms like monthly payments, interest, depreciation, and buyback value. A detailed and easy to understand comparison (in a spreadsheet) of the tax benefits of lease vs finance. In the end I have discussed the pros and cons of finance vs lease a vehicle.
You will learn which option gives more tax deductions. You will also learn how to calculate (lease a car vs finance a car) tax deduction that can be claimed on a tax return. You can download the spreadsheet for Free: https://instaccountant.com/downloads/...

This video is for everyone. Especially if you are a small business, selfemployed, contractor or a sole proprietor, this information is going to be very useful. You will learn how the tax deductions work for each option (lease vs buy). Rideshare and food delivery drivers (Uber drivers, uber eats) will find this information very useful as well as car related expenses are a main tax deduction for them.

TIMESTAMP

0:00 Start Here
1:58 Car Financing and Tax Deductions
11:11 Why Lease a Car?
13:55 Lease vs. Finance: Tax Implications
16:39 Lease vs. Finance: Business Benefits

Watch this video to learn how to calculate your car monthly payments, depreciation, interest, and tax deductions for leasing and financing scenarios and see the results side by side.



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Learn more from this blog:
✅ How Taxes Work When You Lease or Finance a Car: https://instaccountant.com/canadafin...

Useful Links:
CRA Rules on Car Leasing: https://www.canada.ca/en/revenueagen...


Connect with Murtaza for a Free Tax Consultation:

Phone: +1 6472432884
Email: [email protected]
Services: https://instaccountant.com/taxaccoun...

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About the Publisher:
Hi, I'm Murtaza, a professional accountant and self employed tax expert who loves to make Canadian taxes easy. If you're a selfemployed Canadian or a small business owner in Canada, you need to watch my videos. I'll teach you how to save money on taxes and manage your business finances better. Whether you're a freelancer, contractor, consultant or entrepreneur, I'm here for you. Subscribe to my channel for the best tax tips for Canadians.

Disclaimer:
This video is for educational purposes only and aims to provide you with the essential knowledge needed to understand the difference between leasing and financing a car for business in 2024. This video does not constitute financial, investment, tax, or legal advice. Always consult a professional for personalized guidance tailored to your specific circumstances.