Does this work though canada's program as well for CCA if you have a business.Actual expense for me. 15k miles @ $0.575 = $8625.00. Lease payments are $850/month, plus tires and energy, not to mention tax and all of the other items that count towards vehicle expenses. Even at 90% work utilization (office is less than a mile from home) actual expense is a higher deduction for me.
As always - it depends. Track both for the first year.
Standard mileage rate for me. Less bookkeeping, and no worries about recapture when I sell the car.
i am not a tax expert but I don't think this is correct. I sold my car in 2019, was using standard mileage deduction. As I was going through TurboTax, I realized that there is a depreciation component within the standard mileage deduction factor (I think it's 0.25 out of 0.575) and when you sell the car, you have to calculate your gain or loss and pay tax accordingly. Check with your tax person/ SW.