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  • Aug 28th, 2019 9:44 am
[OP]
Banned
Aug 21, 2019
74 posts
33 upvotes

Car lease write off help???

Hi,

How does car leasing write offs work ? If i lease a vehicle, how much gets deducted from my taxes from my business and how difficult is it?
7 replies
Deal Guru
User avatar
Mar 23, 2008
12428 posts
8931 upvotes
Edmonton
DealGenius wrote: Hi,

How does car leasing write offs work ? If i lease a vehicle, how much gets deducted from my taxes from my business and how difficult is it?
Is your vehicle used entirely for work purposes?

C
Deal Guru
Sep 13, 2007
10014 posts
4981 upvotes
¯\_(ツ)_/¯
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Sr. Member
Nov 12, 2014
919 posts
611 upvotes
Kingston, ON
Too many variables to actually answer this....check with your accountant.
Deal Addict
Feb 19, 2019
1235 posts
1741 upvotes
Stouffville ON
DealGenius wrote: Yes completely only for work
What kind of business, what type of vehicle, is the vehicle used to transport goods, how much is msrp, how much was the downpayment, how much are the lease payments, how long is the lease for, do you have another vehicle which you are using for personal purposes.
It can get complicated.
Full Time and Full Service Realtor
Deal Fanatic
Aug 21, 2007
5680 posts
609 upvotes
Markham
at a high level, you can deduct up to $800/month for lease costs - however the maximum that you can deduct also factors in the value of the vehicle (via the manufacturers list price - MLP) relative to a standard cost limit of $35,294. So if the MLP is 70k, you could only deduct half of your actual monthly lease costs

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