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Cra Form T1213 Oas

Cra Form T1213 Oas

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Instructions and help about Cra Form T1213 Oas

[Music] hi I'm Debbie Peverill and you're listening to the weekly tip from Penn's financial training group today I'm talking about vehicle expenses and the ones that you can deduct on your personal tax return it being March and tax season there's a difference between receiving and allowance and being reimbursed so this applies to employees and if you receive an allowance from your employer say $200 a month or a week or whatever then that amount is taxable it's going to be added to your t4 and therefore it's going to be on your personal tax return as income you can then deduct your business expenses for using your car on your tax return so this means keeping your gas receipts your repairs and maintenance receipts your insurance everything to do with the vehicle and there's a form of course which you would fill in so when the allowance is taxable you can take a deduction for the business expenses if instead of getting an allowance you're being reimbursed which means you're getting an amo

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