Save money on your taxes by claiming eligible automobile expenses used for your employment! In today’s video, I explain the different car allowances and how they affect your tax deductions in Canada.

Want to know if you can deduct gas, insurance, and other car costs? I will show you stepbystep how to calculate and claim your deductible automobile expenses on your T1 tax return.

Key Moments In This Episode
========================
00:00 Intro
02:12 Understanding Car Allowances: Reasonable vs Flat Rate
04:17 Car Allowances and Taxable Reimbursements
06:21 T4 Documentation and Eligible Deductions
08:29 Calculating Deductible Expenses Based on Usage
10:44 Claiming Automobile Expenses on Your T1 Tax Return
12:52 Offsetting Car Allowances and Deductible Expenses
15:04 Claiming Mileage for WorkRelated Trips

If you have any questions or thoughts after watching this video, leave a comment below, and I’ll respond as soon as possible.

Don’t forget to subscribe to my channel for more videos on Canadian real estate and taxsaving strategies so you don’t miss a thing!



Please make sure to speak to a professional that knows your personal situation before making a decision.

If you need to talk to someone on my team, email us at [email protected].



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DISCLAIMER:

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