 |
 |
Recent Newsletter | ||||||||
|
Archive
|
||||||||
|
Government Press Releases |
 |
     |
Spring 1999
|
Understanding Your Mortgage |
|
The Limited Liability Partnership |
|
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: |
$__________________ |
|
__________________ |
|
__________________ |
|
__________________ |
|
__________________ |
- lease payments |
__________________ |
Total fixed costs |
$__________________(a) |
| __________________ | |
Variable costs per year: |
__________________ |
|
__________________ |
|
__________________ |
|
__________________ |
|
__________________ |
Total variable costs |
$__________________(b) |
Driving costs: |
__________________ |
|
__________________ |
|
__________________ |
| Total cost of running your car for the year | $__________________(c) |
| Nofe 1: To calculate the depreciation
value of your car, |
|
| 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
| Our Profile | Our Services | FAQ's | Press Room | Resource Centre | What's New | Contact Information | Site Map | Back to Home |
Copyright © 2000: Allen Futerman and
Associates. All rights reserved.
Designed and maintained: Add Value International Inc.