Automobile Reimbursements – More Tax Free Money!

Besides the possibility of a tax-free allowance, another possibility exits to reimburse employees or shareholders for business use of personally owned or leased vehicles. If the employer is flexible and it appears that the CRA prescribed automobile tax-free allowance rate is not adequate to cover actual operating costs incurred by the individual, taxpayers can argue […]

Automobile Allowances – Tax Free Money!

Personally owned vehicles used for business travel can offer a great way to earn tax free money while getting a business deduction. CRA specifies a specific allowance rate a business can pay the individual. The CRA prescribed allowance is a business deduction to the business and a tax-free receipt to the individual. The allowance rate […]