Tax Deduction for Business Mileage
Finance · Informational Video
About this work
This video explains how business owners can claim mileage as a tax deduction. It highlights the CRA's allowance of 72 cents per kilometer and introduces a mobile app that simplifies tracking business drives for tax return purposes. The app automatically logs trips, allowing users to categorize them as business or personal, and export a report at year-end.
Read the transcript
The CRA allows you to write off 72 cents per every business drive that you take. You can get hundreds if not thousands of dollars back if you track your kilometers as a small business owner. That write off, to collect that write off, you have to file your income tax return and keep a kilometer log. But there's this really cool app. You can use it's called Mile IQ. It automatically logs each drive. You just swipe left or right if it was personal or business. At the end of the year, you just click export and you have the report ready in 15 seconds. I highly recommend it. You can thank me later.
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