CRA Guidelines for Business Vehicle Logbooks: CRA Mileage Logs Guide скачать в хорошем качестве

CRA Guidelines for Business Vehicle Logbooks: CRA Mileage Logs Guide

The video outlines the mandatory record-keeping requirements for individuals seeking to deduct vehicle expenses from their business income in Canada. To substantiate these claims, taxpayers must maintain a detailed logbook that tracks specific trip data, including destinations, distances, and purposes, alongside annual odometer readings. While a comprehensive year-long log serves as the gold standard for evidence, the government allows for a simplified tracking method using a three-month sample period if certain consistency criteria are met. This alternative approach requires establishing a representative base year and applying a specific formula to calculate the annual business-use percentage. Regardless of the method chosen, all supporting receipts and logbooks must be retained for six years to remain compliant with tax regulations. These rules ensure that all motor vehicle deductions remain reasonable and are backed by verifiable documentation.