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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.


Fixed costs:


Depreciation (Note 1)




Licence or registration


Finance charges - interest charges


                                         - lease payments


Total fixed costs


Variable costs per year:


Gasoline and oil


Repairs and maintenance






Total variable costs


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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