what expense category to use in T2 ( S125) for motor vehicle lease (truck lease) for trucker who is incpororated?
I have a client who is trucker and he is incorporated, he leased a brand new truck, what expense category to use in S125 of T2. The only one i found is vehicle renal (GIFI 8915). Please advise
what expense category to use in T2 ( S125) for motor vehicle lease (truck lease) for trucker who is incpororated?
You have to determine if it is in fact a capital purchase (financed by way of a lease), or a rental. Those are your only two options. If it is a true lease for tax purposes, then the vehicle rental is the appropriate category.
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