Leasing a car: Personal vs Corporation?
a. Lease car in personal name, reimburse with mileage
b. Lease car in business name, calculate total expenses and take a % as personal use.
Ofcourse, I have the options to buy in cash or finance it for personal name but keeping those aside.
1. My accountant repeatedly tells me to go with option a. I feel that my driving around on a monthly basis may fluctuate (800 to 1500 km per month) and not be high enough. What am I missing from the picture to understand why my accountant suggests option a?
2. Insurance: If I lease in company name, I understand I need to get commercial insurance. I do have to make the call to my insurance company to understand this but is there a big difference in commercial vs personal insurance? And yes, I am still researching it as well.
Anything else I should be considering here?