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Originally Posted by bdjuf
Is it best to put a car under your corporation? or under you as a person?
and why?
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I prefer to put it under my company, but at the same time I use the car primarily as a business vehicle (70/30 split). The advantages are first off you get the GST back on the purchase price of the car in one shot (assuming you're GST exempt which you probably should be). So that's like $2500-$4000 back right away. Then, you depreciate the car over the life you keep it (if you bought it) or just manage your lease payments. Because I use the vehicle 30% of the time for personal stuff, I do need to claim that 30% as a personal benefit. Similiarly, gasoline, repairs and insurance need to be pro-rated to account for this split. It's a bit of a hassle accounting wise, but I would only pay 30% of the actual cars value out of my own pocket, and the company pays the remainder. That plus the entire GST back was a great benefit
WG