Tips from TAP – Track your business mileage

As a small business owner, when you use your car for business, the Canada Revenue Agency (CRA) allows you to claim back a portion of your business mileage as a deduction on your taxes.
Failing to keep accurate records could lead to issues with the CRA come tax season, when you try to claim for mileage based on best estimates or industry averages.
The only way to ensure you avoid any issues is to track your mileage
accurately each day. Keep a log book in your vehicle to record: Date of travel, Purpose of travel, From Where / To where (use Google maps for distances).
It is work to track your mileage, but it will pay for itself when you get the maximum deductions you’re entitled to at tax season.
If you’re seeking more high-tech solutions, there are many apps, both free and paid, that will track your mileage with a press of a button.

Download the printable PDF.