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Good question...just filed and accountant ballparked based on average electricity rates paid, average energy consumption on the car and kms driven. Easy to calculate.Not really what I was hoping for. My employment contract requires me to have a car. They don’t pay mileage or a car allowance. I used to write off a portion of my gas. I was wondering if anyone knows a way to accurately account for the electricity the car is using from my home.
That would be easiest if you could.Is it possible to meter your HPWC if you have one? (Does that even make sense)
Electricity is so much cheaper than gas....its almost not worth it to try and calculate it.Im scheduled for delivery on Thursday. For those of you that car write off motor vehicle expenses, how do you keep an accurate record of your vehicles electricity charging use?
I'm driving about the same if not more...…I drive about 40k a year. The electricity is worth it to write off.
You have insanely low electricity rates. Some as pay as much as 10x more. So for them 40k miles could be closer to $5000 a year, and certainly worth writing off.40K miles @ $0.04 KWH ( my home kwh average price here in Illinois ). - without my solar panels.
Well yes...I can see that then.You have insanely low electricity rates. Some as pay as much as 10x more. So for them 40k miles could be closer to $5000 a year, and certainly worth writing off.
Writing off mileage on your taxes would be the best and easiest way to go by far.Not really what I was hoping for. My employment contract requires me to have a car. They don’t pay mileage or a car allowance. I used to write off a portion of my gas. I was wondering if anyone knows a way to accurately account for the electricity the car is using from my home.
Writing off mileage on your taxes would be the best and easiest way to go by far.
55 cents for your first 5000kms
49 cents after 5000kms
So your annual 40,000kms would be approx $19,900 write off.
What? Whoaaahhh.....
Where are you getting those numbers from?
A 2017 survey of consumer electricity prices by Hydro Quebec showed that Edmonton had the third-lowest power prices among some two dozen major North American cities. (Only Montreal and Winnipeg were lower.) In Edmonton, the average price for residential customers was 10.34 cents per kiloWatt hour. That’s compared to 15.94 cents /kWh in Regina, 16.32 cents /kWh in Toronto, and 31.05 cents/kWh in San Francisco.
What is a kms?
Yayyyyyy!.... 7000 posts!!!!! lol
NO...I mean ...what is a kms.This is Canadian....(and I'm not sorry)
The numbers are the maximum allowed by CRA (Canada Revenue Agency - Canada's IRS)
It is supposed to take into account; fuel, maintenance and depreciation
If claimed from an employer, it is non-taxable
At some point, the CRA will figure out that EV's cost less to run, and lower the amount