- Help Centre
- Bookkeeping & Write-offs
- Vehicle Expenses
How do I track vehicle expenses when I personally own the vehicle?
You should be personally paying for all the operating costs.
You should personally be paying all the operating costs, including insurance, registration, gas, oil changes and tires. You track all the kilometres driven for business purposes and charge the corporation $0.55/km for the first 5,000 km and $0.49/km for everything over 5,000 km. The corporation can pay you this amount tax-free, however, the actual expenses are not deductible.