Friday, 20 December 2019

Think Laterally!

I teach my students to think outside the box. Lateral thinking keeps them a head and shoulder above competition.

You can and should think differently than what is the common thoughts in any particular area. For example when it comes to claiming your car expenses to lower income tax, most people use the most common method of using a log to record how many kilometers they used the car for business purposes.

This is of course the main way car expenses are used to lower your taxes. But government has set a maximum monthly limit on this. So if your car expenses go above the limit then you cannot use the amount above the limit even though they were used for business purposes. 


There are many other creative ways you can use your car expenses that allow you to claim all the expenses. Using your car for advertising is one way to do so.

For example if you put a magnet sign on your car with your osteopathy clinics info on it and park your car in a corner of parking lot that pedestrians can see, or when you drive it around, that can work as advertising for your osteopathy clinic. Then your corporation can pay for using your car for advertising, or the corporation can pay your expenses.

Depending on your income and tax rates, you can also rent your car from your corporation, or lease it, or your corporation can rent it from you. Your company can also buy the car for you. Each case is different and depends on your situation.

At different times in my professional life I had luxury cars such as BMW, Mercedes, Porsche, Jaguar and Range Rover which I used for business and was able to claim all their expenses even though their expenses were above the monthly government limits.

So sit down, think and see how you can use your car for business that allows you to get the most tax credit possible.

To become wealthy you have to think laterally!

The Travelling Osteopath

2 comments:

  1. Hi

    Finally a good post about this. We have been looking for this! I would like you to explain this topic a bit more.

    All the best,
    Aroniaberry.ca

    ReplyDelete
  2. Howdy

    There is so much more to teach on this. A college course online can support to familiarize this even more.

    Greetings!
    Phillip

    ReplyDelete