Are you retired and still working? Stop paying for CPP: “If you’re 65 or older, and plan to continue working, you can choose not to contribute to CPP by completing Form CPT30 Election to stop contributing to the Canadian Pension Plan, or Revocation of a Prior Election.”
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If you’re self-employed and use your car to earn business income, you may be able to claim vehicle related expenses like gas, insurance, licensing and registration fees, maintenance and repairs, leasing costs and interest on money borrowed to purchase a car.
If the car is also your personal vehicle, you may only write off the portion used for business purposes. To calculate this, you must keep a logbook detailing all your business trips, including the mileage, date and purpose of the trip. Make sure to document all other expenses and keep receipts organized in one place so you’re prepared if you get audited.
Have questions?
Have questions?
