If you are a real estate agent or selfemployed and use your car for business purposes, you may be eligible to deduct some of your expenses from your taxable income. The Canada Revenue Agency (CRA) allows you to deduct allowable motor vehicle expenses that are incurred for the purpose of earning property or business income, with some exceptions. In this video, I'll explain how to calculate and write off motor vehicle expenses, as well as guide you on the expense records you need to keep. Whether you drive a sedan, a truck, or a motorcycle, this video will help you save money on your taxes.

00:00 Intro
01:10 Motor Vehicle Expenses Explained
02:35 Calculating Motor Vehicle Expenses
03:52 What Car Expenses are Tax Deductible



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Learn more from these blogs:
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Free Resource:
Should I Lease or Finance a Car? (Spreadsheet): https://instaccountant.com/downloads/...

*If you have any questions or thoughts regarding the content discussed in this video, please feel free to leave a comment below. I will be more than happy to respond to your queries as soon as possible.



Contact Murtaza today for a free consultation and become a tax client:

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About the Publisher:
Welcome to my channel. I'm Murtaza, an expert accountant in Toronto and GTA. I have years of experience in simplifying taxes for Canadian small business owners and selfemployed individuals. My goal is to educate you on tax deductions and tax planning strategies that can save you money and time. Subscribe to my channel for more videos on Canadian taxes and accounting.

*Disclaimer:
This video is for educational purposes only and does not constitute financial, investment, tax, or legal advice. Always consult a professional for personalized guidance tailored to your specific circumstances.