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Spring 1999 

Understanding Your Mortgage
The Limited Liability Partnership
Automobile Expense Worksheet

Automobile Expense Worksheet

CANADIANS LOVE THEIR CARS, but do they really know the true cost of running them each year? And sure, for many, it is a deductible expense that can be partially written off against income for income tax purposes...but does this fact preclude them from at least making the calculations and finding out?

Use the following work sheet to calculate what it costs to run your present automobile and even if you don’t decide to give it up completely and begin taking public transportation, at least you can determine whether it may not be time to trade in the current "gas guzzler" and purchase or lease a more economical vehicle.

Category

Fixed costs:

$__________________

Depreciation (Note 1)

  __________________

Insurance

  __________________

Licence or registration

  __________________

Finance charges - interest charges

  __________________

                                         - lease payments

  __________________

Total fixed costs

$__________________(a)
  __________________

Variable costs per year:

  __________________

Gasoline and oil

  __________________

Repairs and maintenance

  __________________

Tires

  __________________

Parking

  __________________

Total variable costs

$__________________(b)

Driving costs:

  __________________

(a) and (b)

  __________________

Other (car washes, for example)

  __________________
Total cost of running your car for the year $__________________(c)
 

Nofe 1: To calculate the depreciation value of your car,
subtract the trade-in value from the chase price and divide
by the number of years you expect to own the vehicle.

To adapt calculation for income tax purposes:
Total cost running your car for the year (c) above $__________________
Less: Depreciation   __________________
Sub-total   __________________
Add: Capital cost allowance   __________________
Allowable expenses $__________________
Bus/employ related kms x allowable expenses   __________________
Total kms driven/year $__________________

Spring 1999: Prenuptial Agreements | Understanding Your Mortgage | The   Limited Liability Partnership | Automobile Expense Worksheet


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