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New to me 07 Cayman S that I purchased yesterday after a few years of being 'Porsche-less' (previous P-car was an 01' Boxster). A long winter ahead but looking forward to logging some miles in 2019. 75k, 2 owner car with good service record history and a B&B exhaust which has a nice sound to it IMO. Late year purchase still allows for 1/2 year CCA deduction for what that's worth but thanks to CRA nonetheless.
Congratulations on your purchase - looks like a great car! I had previously owned two 2007s; one S and one base. Absolutely loved them because they were fun to drive and problem free. Cheers to many enjoyable miles for you!
I work in sales (IT) on commission and my employer signs off on the T2200 annually. CRA CCA rate (Class 10) is 30% so on a $30k car that is used 90% for work would equate to a deduction of $9k - cut that in half in the year of purchase whether you purchase the vehicle. CCA is declining balance of course so year 2 would have $25k to work with ($30k less $5k from previous year). I'm not a tax expert by any stretch of the imagination - just my loose math and how I justified buying the car to my wife!!!
I work in sales (IT) on commission and my employer signs off on the T2200 annually. CRA CCA rate (Class 10) is 30% so on a $30k car that is used 90% for work would equate to a deduction of $9k - cut that in half in the year of purchase whether you purchase the vehicle. CCA is declining balance of course so year 2 would have $25k to work with ($30k less $5k from previous year). I'm not a tax expert by any stretch of the imagination - just my loose math and how I justified buying the car to my wife!!!
Thanks for the explaination.... Do you deduct part of your insurance as well?
I work between 2 sites that are 35km apart...My employer pays me $0.49/km x 70km on the days I am not at my primary site.... which for me is between $300-350/month....
Yes to insurance, repairs, tires, car washes, CAA etc. I receive a comparable mileage amount +/- also netting approx. $300-$400 per month. Your employer isn't CRA is it :-)
Yes to insurance, repairs, tires, car washes, CAA etc. I receive a comparable mileage amount +/- also netting approx. $300-$400 per month. Your employer isn't CRA is it :-)
not CRA.... I work as a small town drug dealer for 2 rural hospital sites...
I don't think I could get them to sign off that form for me to CCA my vehicle...
(That's why my daily driver right now is a tuned 2006 Jetta TDI....)
Thanks for the explaination.... Do you deduct part of your insurance as well?
I work between 2 sites that are 35km apart...My employer pays me $0.49/km x 70km on the days I am not at my primary site.... which for me is between $300-350/month....
Once you receive the mileage reimbursement and NOT included on your T4, then you can't claim auto expense through T2200.
If your employer decides to give you a T2200, you can only claim auto exp for employment use if you include the mileage reimbursement as income first then take the deduction. There is also HST rebate from these employment expenses that you can get back but the rebate will be treated as income the subsequent year.
11-15-2018, 01:18 PM
New to Me - 07 Cayman S
