CRA Introduces New Simplified Vehicle Logbook

Ottawa, Ontario, June 28, 2010: The Canada Revenue Agency (CRA) recently introduced a simplified logbook for motor vehicle expense provisions of the Income Tax Act and the Excise Tax Act. The CRA proposal would allow a business to establish the business use of a vehicle during one complete year; in subsequent years, a sample logbook of distances travelled and the business use would be maintained for at least three continuous months, allowing information to be extrapolated.

Read complete PDF :  CRA_Vehicle_Logbook.pdf