GAS PRICES SURGE IN CANADA. HERE ARE SOME TIPS TO GET YOUR MONEY BACK.

Ontario drivers saw the price of gas jump to 179.9 cents a litre from last week (10 cents increase). In Quebec, those in Montreal and Quebec City saw 188.9 cents a litre at the pumps (12 cents increase). According to Dan McTeague, the president of Canadians for Affordable Energy, a further gas price hike is expected this weekend, bringing it to 212.9 cents per litre in the Greater Toronto Area.

gas price

IPS TO GET YOUR MONEY BACK

For Employees:

• Even with a full-time job, if employees use their cars for work (meetings, supplies, etc.), their employer's reimbursements for those miles are likely tax-free, but there's a catch. Here's the deal:

1. Employees must be required to pay for their own vehicle expenses and

2. Required to work in a different location (or locations) separate to their employer’s place of business.

Keep in mind: commuting between your home and workplace does not count.

For Self-Employed Individuals:

• They can typically deduct the expenses related to business km/miles driven. Motor vehicle expenses, you may be eligible to claim:

  • Fuel and oil costs;

  • License and registration fees;

  • Insurance;

  • Interest on money borrowed to buy a motor vehicle;

  • Maintenance and repairs; and

  • Leasing costs.

Tip: Track and deduct actual car expenses (gas, repairs, etc.).

Disclaimer: The views expressed herein are my own and do not constitute legal or accounting advice.

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