This depends on the value of your vehicle, how much you drive and how much of it is business use.
Value of Vehicle:
Low Value: If your vehicle isn’t worth much (under $15k) and is fairly cheap to operate, then it likely makes sense to own the vehicle personally and charge the corporation a dollar per kilometre rate.
High Value: If your vehicle is new, or worth more than $30k, then it likely makes sense to own the vehicle through your corporation.
How much do you drive?
Low: If you don’t drive that much, it probably makes sense for your corporation to own or lease the vehicle.
High: If you drive a lot of kilometres each year, and your vehicle isn’t worth that much, then you would probably be better off owning the vehicle personally. If the vehicle is more expensive, with high kilometres, then the corporation should own or lease it.
High or low business-use of the vehicle?
Low business-use: means less than half the kilometres are for business purposes. If the vehicle is low business-use, low kilometres and high value, it may seem as though you should own it personally, but this is one of those grey areas. In some cases, it might make financial sense to still own it through the corporation. (We should chat if this is your situation.)
High business-use: means more than half of total kilometres driven are for business. Unless the value of the vehicle is low, then when it falls into the "high business-use" category, the corporation should own the vehicle.