Track Your Mileage

During the course of a year, many of us will use our own vehicle for business purposes. But what exactly makes up the total expense we can claim on our taxes?

You can claim the full amount of:

  • Parking fees, and
  • Supplementary business insurance on your vehicle

And you can claim the business use of:

  • Licence and registration fees,
  • Fuel and oil costs,
  • Insurance,
  • Maintenance costs,
  • Interest on money borrowed to buy a vehicle, and
  • Leasing costs

Now this is where it is very important to track your mileage.  Since only the amounts of business use can be claimed for the second list, you need to know how many kilometers of your total number of kilometers in the year are for business use.

Luckily, there are easy ways of tracking this!

For those who are tech savvy, there are apps you can download to your mobile device that will use GPS and track the distance you travel. Milebug is an app that I use on my iPhone.

There are also log books you can keep in your vehicle to record your business mileage.

I am Colleen from Security House Accounting Services. Give us your books – take back your life!

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