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R
roymabroor
Level 2
February 7, 2022
Question

what expense category to use in T2 ( S125) for motor vehicle lease (truck lease) for trucker who is incpororated?

  • February 7, 2022
  • 1 reply
  • 3 views

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

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1 reply

J
janisbossenberry
Level 7
February 9, 2022

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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