In this episode of The Money Podcast with Jake and Lincoln, the hosts, along with two Tax professionals Tina Hiebert and Rick Giesbrecht, explore an important topic for business owners - vehicle expenses. They discuss different scenarios such as being employed, self-employed, or incorporated and how this impacts the ability to claim vehicle expenses. They delve into the nuances of vehicle classification, insurance, mileage claim, and depreciation. The concept of 100% tax write-off for purchasing vehicles is discussed along with the new special circumstances introduced due to COVID-19. The consequences of buying expensive vehicles for tax benefits are outlined. The hosts encourage listeners to make informed decisions about such expenses and not to spend recklessly just to save on taxes.

00:00 Introduction to the Money Podcast
00:21 Discussing the Last Episode and Upcoming Topics
01:22 Introducing Guests and Discussing Common Tax Questions
01:59 Exploring Tax Evasion Strategies
03:59 Understanding Vehicle Expenses and Tax Deductions
04:56 Exploring the Impact of Vehicle Class on Tax Deductions
08:00 Comparing Employee, Self-Employed, and Corporate Vehicle Expenses
18:10 Discussing the Importance of Tracking Kilometers for Tax Purposes
19:46 Understanding Depreciation and Tax Implications in Corporations
21:46 Wrapping Up the Discussion on Vehicle Expenses
22:13 Conclusion and Closing Remarks

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