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Has anyone here used the small business tax deduction (CCA classes 54 or 55) for their Tesla? I want to purchase a tesla which will be used for 70-80% for business purposes and was wondering how does it work? Do you get a tax rebate, and if so, is it substantial?
 
I used it. "Rebate" will depend on your whole tax situation. But yeah, you will get nice expense right off. I got 17K tax return based on my employment income. I bought the car in December on purpose and had 100% business use. Claimed the max amount. This year I am sitting at about 70% but does not matter. Make sure you have VERY good records. I use Tesla Fi to log every single drive properly.
 
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yup, as a above said, keep very good records. Make sure if is claimed under a business, the car must be in biz name. Also, remember there's taxable benefits which will be tacked on. One has to decide the risk of an audit vs benefits too. According to my accountant, it puts one at a higher risk of audit.....
 
yup, as a above said, keep very good records. Make sure if is claimed under a business, the car must be in biz name. Also, remember there's taxable benefits which will be tacked on. One has to decide the risk of an audit vs benefits too. According to my accountant, it puts one at a higher risk of audit.....
I am not sure if it needs to be under "business name" if it is a self-propertiership as they are allowed to conduct business under personal name as far as I know.
 
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