{"id":7543,"date":"2021-12-07T21:19:43","date_gmt":"2021-12-08T02:19:43","guid":{"rendered":"https:\/\/www.acomptax.com\/?p=7543"},"modified":"2021-12-07T21:19:44","modified_gmt":"2021-12-08T02:19:44","slug":"buying-a-business-vehicle-customized-plate-or-f-plate","status":"publish","type":"post","link":"https:\/\/www.acomptax.com\/en\/uncategorized\/buying-a-business-vehicle-customized-plate-or-f-plate\/","title":{"rendered":"Buying a business vehicle: Customized plate or F-Plate?"},"content":{"rendered":"\n
Are you planning to buy a new vehicle in the near future? Should it be purchased using your personal name or is it better to have it registered with the Inc? <\/p>\n\n\n\n
Although the costs (SAAQ, insurance…) are identical or almost identical, the difference in taxes can amount to thousands in certain situations. And the decision-making process to get to the right decision can be complex without the right expertise.<\/p>\n\n\n\n
Let’s first look at the main differences between the two.<\/p>\n\n\n\n
Using your personal vehicle to run your operations brings you certain tax benefits:<\/p>\n\n\n\n
As opposed to the previous point, the processing is totally different for so-called company vehicles. The emphasis of the calculations here will be on the taxable benefits of distances driven for personal use:<\/p>\n\n\n\n
Personal use is taxable to the shareholder (taxable benefit):<\/p>\n\n\n\n
Direct business expenses incurred by the company or the shareholder are deductible in both cases.<\/p>\n\n\n\n
Information collection and estimates<\/b> \u2013 Be as accurate as possible:<\/span><\/p>\n\n\n\n Calculations<\/b> – 7 calculation steps are required to determine the taxable amounts and the deductible amounts.4 for a personal holding and 3 for a holding within the company:<\/span><\/p>\n\n\n\n Scenarios<\/b> – Compare the 7 scenarios with the effective marginal rate. This decision may also have an impact on non-tax data (e.g., child allowances):<\/span><\/p>\n\n\n\n Some cases are obvious and do not require calculations. For example:<\/p>\n\n\n\n Want some help in making the right decision? Don’t wait to book a consultation with one of our accountants.<\/b><\/p>\n\n\n\nTax declaration<\/a> Services for Companies<\/a>\n","protected":false},"excerpt":{"rendered":" Are you planning to buy a new vehicle in the near future? Should it be purchased using your personal name or is it better to have it registered with the Inc? Although the costs (SAAQ, insurance…) are identical or almost identical, the difference in taxes can amount to thousands in certain situations. And the decision-making…<\/p>\n","protected":false},"author":2,"featured_media":7542,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2444],"tags":[3718,3715,3716,3717],"series":[],"yst_prominent_words":[],"_links":{"self":[{"href":"https:\/\/www.acomptax.com\/en\/wp-json\/wp\/v2\/posts\/7543"}],"collection":[{"href":"https:\/\/www.acomptax.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.acomptax.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.acomptax.com\/en\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.acomptax.com\/en\/wp-json\/wp\/v2\/comments?post=7543"}],"version-history":[{"count":0,"href":"https:\/\/www.acomptax.com\/en\/wp-json\/wp\/v2\/posts\/7543\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.acomptax.com\/en\/wp-json\/wp\/v2\/media\/7542"}],"wp:attachment":[{"href":"https:\/\/www.acomptax.com\/en\/wp-json\/wp\/v2\/media?parent=7543"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.acomptax.com\/en\/wp-json\/wp\/v2\/categories?post=7543"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.acomptax.com\/en\/wp-json\/wp\/v2\/tags?post=7543"},{"taxonomy":"series","embeddable":true,"href":"https:\/\/www.acomptax.com\/en\/wp-json\/wp\/v2\/series?post=7543"},{"taxonomy":"yst_prominent_words","embeddable":true,"href":"https:\/\/www.acomptax.com\/en\/wp-json\/wp\/v2\/yst_prominent_words?post=7543"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Some shortcuts<\/b><\/h3>\n\n\n\n