This information is used to determine what percentage of automobile expenses you may deduct. Gas, oil, maintenance and repairs, insurance, license and registration fees. You must have receipts for all expenses claimed. You may also claim capital cost allowance. A method for deducting the cost of depreciable property over a period of years.
Depreciable property includes automobiles, buildings, office equipment and furniture.
The entire cost of these items may not be deducted in one year. Capital cost allowance varies depending on the type of property you purchase. You must maintain complete records of all income and expenses related to your business. You must have original documents to back up all transactions. You must keep these records for six years after you file your income tax return.