Ask an Expert
Leasing a company car in an individual's name
Expert: Gary Booth
JP asked:
I just incorporated my business. It is not generating revenue although it soon will. I leased a car mostly for business purposes but leased it under my own personal name. I plan on writing off most of the cost of the car and all associated from the corporation's revenue. Does it matter that the car and insurance is under my name?
Gary Booth answered:
Normally the reason to lease in your own name is because the company is new and many leasing companies will not lease to a new company. This is fairly common and since there is no alternative to getting a lease normally leases are put through as company expenses.
About the author
Gary Booth has over 20 years experience in the tax and accounting field. He operates his chartered accounting practice called Gary Booth CA Professional Corp. The six members of Gary’s team provide a wide variety of accounting and tax expertise to meet the needs of Gary’s clients.
Gary Booth CA Professional Corp is committed to providing excellent customer service and to exceed client’s business expectations. The services the firm provides includes:
- All types of personal tax returns from basic to complex
- Corporation tax returns
- Financial statement preparation
- Audits and review engagements
- Bookkeeping, GST and PST returns and payroll
- Certified quickbooks trainer and set up
- Business plans and business consulting
Gary can reached at 416 626 2727 x23 and www.garybooth.com.