Yet, what does the HST mean for you and your vehicle expenses. It won’t effect your mileage deduction, the 52cents that you deduct per km is a flat rate; therefore, the HST shouldn’t have an effect on your mileage logging. But, there will still be an addition HST charge when servicing or fuelling your vehicle.
Fortunately, companies will be eligible to claim back 12% of tax spent. Unfortunately, consumers will have to “eat up” the additional 7% (12% HST – 5% GST).
What do you think about the HST? Leave your opinion below. Post a comment and tell the rest of Quino’s readers how you feel…
- Ashton Byrne, Marketing Coordinator for Quino Solutions Inc.
*Note: the information above was gathered from the BC government and the Vancouver Board of Trade. If you have any questions or concerns regarding the HST, please contact the BC government for answers.
Everyday thousands of business people don’t log their mileage properly or at all. Don’t miss out on tax dollars you could be receiving.
For example, if you don’t log your mileage:
I go to roughly 4-5 networking events a month and 2 sales calls a week. Therefore, according to Canadian tax legislation I am eligible to deduct roughly $200 a month (calculated with .52 cents per km traveled). If I wasn’t tracking my mileage I would be missing out on $200 a month and $2400 a year.
For example, if you log your mileage manually:
If you spend 30 seconds every time you get in and out of your car to record your starting and ending odometer reading. AND you take 4 business trips a day; 5 days a week you are spending 10 min weekly to record your mileage. 40 min monthly.
- After a week’s worth of data with the Quino MileTracer, same trips, it would only take you 3min to generate an excel report for the week. Only 12 min monthly! 60 percent less time used when automating your mileage recording, more time spent on the job.
“Get down to business. Automate your mileage recording.”
If you want to see how other people are logging their mileage go to http://polls.linkedin.com/p/58190/aewlt. And while you’re there, tell me your mileage logging strategy, if any.
“Don’t worry about it. Automate it.” Buy your Quino MileTracer today. Or, fill out a contact form to get more information.
- Ashton Byrne, Marketing Coordinator
Quino Solutions develops automatic mileage loggers to lower the tax burden for people. For a one time investment and no monthly fees Quino’s customers are able to automatically record their mileage for reimbursement and tax deduction purposes. The device stores location data that can later be viewed and exported into google maps and/or Excel.
The claim: Log your business mileage and claim accurate mileage expenses without lifting a finger! The times when you had to use pen and paper to log your mileage are long gone.
“Our research has shown that a lot of people leave money on the table because they do not want to go through the hassle of recording their mileage manually. Using our solution there are no more excuses not to record your mileage. Our device does the job for you.” -Philipp Fuhrmann, Business Development Manager
Consider this: The average self-employed person in North America drives about 15,000 km/year for business related purposes leaving the average tax deduction at $7,800 (52cts/km in Canada).
With that in mind you should think twice whether or not to log your business mileage.
Can you afford to not claim that kind of money?
-Ashton Byrne, Marketing Coordinator for Quino Solutions Inc.
> After working with Quino Solutions for the past two months I really admire the passion and intelligence used to develop the Quino MileTracer. The MileTracer is great product with a simple purpose. Claim your money. “Get down to business. Automate your mileage recording.”
An article published by eHow.com opened my eyes. “How to Keep Vehicle Mileage Tax Records” was posted 2 or 3 years ago, it opened my eyes to how complicated it can be to track your mileage with a pen and paper.
Nowadays everything is moving to digital. Why? It is easier and faster to work digitally than using any technologies of the past.
Again, throw out your log books. They aren’t worth the stress anymore. Quino Solutions’ MileTracer tracks your mileage automatically; you buy the MileTracer you buy into efficiency. According to eHow.com there are 25 steps to tracking your mileage manually:
Step 1: Get a notebook and a pen with a pocket clip. Clip pen to notebook.
Step 2: Designate a readily accessible spot in your vehicle for the notebook and pen.
Step 3: Write in the notebook the odometer reading of your vehicle every January 1 ‘ or the odometer reading on the date you begin using the vehicle for business.
Step 4: Label a file folder, “Vehicle Expenses,” and write on the folder the current year.
Step 5: Designate a handy place to keep the file folder. The glove compartment is a possible location.
Step 1: Write down the date, the number of miles driven and the business purpose for each business errand or trip, in one section of notebook.
Step 2: Continue to add each trip to the list.
… And the steps go on and on and on
How does that compare to Quino Solutions MileTracer? It takes only 4 steps to track your mileage with Quino Solutions’ MileTracer.
Step 1: Leave device in vehicle
Step 2: Plug device into PC via USB
Step 3: Filter your information
Step 4: Export to excel and add any other vehicle expenses
It is 6 times more efficient to track your mileage with the MileTracer then it is to use a pen and paper. How about that for efficiency?
- Ashton Byrne, Marketing Coordinator for Quino Solutions
Vancouver, September 11, 2009 – Quino Solutions Inc. is happy to announce the release of the MileTracer. The MileTracer enables the user to automatically record mileage for mileage reimbursement and/or tax deductions. The MileTracer is targeted at independent sales people, contractors, installers, and self employed professionals.
“Our innovative approach to mileage recording is designed to save time and money and provide our clients with an audit proof mileage log” -Chris Pinter, CEO of Quino Solutions Inc.
Get rid of that log book! Quino Solutions Inc. developed the software and hardware which will replace the log book that we all despise on a daily basis. The hardware is designed as a plug-in-and-forget solution for worry free mileage recording and reporting. Access the stored data from the device by simply connecting it to your PC via USB. The software interface makes navigation and customization of the data easy.
Get this!
Quino Solutions Inc. is the leader in mileage logging expense tools and covert tracking devices used around the world. The company’s core competency resides in the development of leading edge, low-power wireless technology. The company is privately held and currently expanding its investor base. For more information about Quino Solutions, visit the Quino website at http://www.quino.ca.
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We, at Quino, have developed our software to accommodate to the government’s regulations according to vehicle use for business purposes. Therefore, because we serve to protect our clients from audits with either the IRS or CRA, we figured an update would be nice.
The Minister of Finance Jim Flaherty announced, late last year, some key points for automobile deduction limits and expense benefit rates for businesses:
Capital Cost Allowance (CCA) stays at $30000 for purchases after 2008
The limit of deductible leasing costs have remained at $800/month
Maximum allowable interest deduction for borrowed or purchased after 2009 remained at $300/month
The tax exempt, for employees using their personal car for work, remained at a 52 cents limit up to 5000km and 46 cents for any additional kilometres. If you live in the Yukon Territory, Northwest Territories, or Nunavut that tax exempt is 56 cents up to 5000km and 50 cents for any additional kilometres. The personal portion of automobile operating expense paid by employers remained at 24 cents per kilometre
We hope that you found this update helpful and beneficial. If you want to stay informed about “the need to know” for the government’s automobile limits and rates for businesses follow us at…
Follow us on twitter: @QuinoSolutions
Follow this blog. Updated weekly… at least
-Ashton Byrne, Marketing Coordinator
Note: The deduction limits and expense benefit rates above are taken directly from the Canadian Government’s website. If you need further clarification of any point above contact the government directly. http://www.fin.gc.ca/n08/08-114-eng.asp
The MileTracer generates audit-proof reports for your business mileage.
Never worry about tax audits again!
If you are still not keeping an accurate mileage log we urge you to start now. The IRS and Canada Revenue are increasing audits significantly.
