Personal truck, for company use

[Trashy]

I'm not sure on how to word the title of this thread??? I work for a good company, and have in my agreement that I always have a company vehicle. We are expanding at a stoopid rate, and are out of spare trucks at the moment. I have agreed to use my personal truck for work for the next week, or less. They are willing to pay me $0.45/km, is this a good or going rate?

 

[plio7]

Pretty standard rate Doug. I get either 6-800 a month vehicle allowance or I get $0.42/km. also make sure they agree to give you a t-22 at the end of te year for taxes. This will allow you I write of a portion of all gas, insurance, maintenance, and the interest on your loan each year

 

[RMK Junky]

They should rent you a vehicle then. 100% right off for them. Once you agree to do this it will be expected all the time. Past experience from others I know who have done this to be the "nice guy" end up getting screwed in the end (so to speak) and doesn't benifit them at all. But I guess it's your call, just make sure your ass is covered for liabilities.

 

[plio7]

If you get the tax write off and the Kms nits worth it.... Basically works out to them paying off my truck every year

 

[Trashy]

Thanks.

This is short term, and the company I work knows that my truck is for personal use. I know I won't get phucked over, but just making sure that this is a standard in the industry. My truck has been paid for, for many years and collects dust on the driveway.

So I can assume that this is a decent rate.

 

[hurt'in albertan2]

yup thats a pretty standard rate its what i get for mine when i have to use it for work too

 

[plio7]

Some patch guys will tell you other wise but anything over $0.40 is goodn

 

[Trashy]

Thanks Chris

 

[RMK Junky]

Some patch guys will tell you other wise but anything over $0.40 is goodn

Industry dictates rate. Yes patch rates are much higher but liabilities are much greater also. Rv haulers average .75 cents a running mile which sucks after fuel and other expenses. A buddy of mine got .50 cents a km to demo his quad from CF Moto. You need to calculate fuel costs, wear and tear, and added insurance if needed. Once you do that trashy it might surprise you and make ya a little sick to.

 

[plio7]

Industry dictates rate. Yes patch rates are much higher but liabilities are much greater also. Rv haulers average .75 cents a running mile which sucks after fuel and other expenses. A buddy of mine got .50 cents a km to demo his quad from CF Moto. You need to calculate fuel costs, wear and tear, and added insurance if needed. Once you do that trashy it might surprise you and make ya a little sick to.

Like I said though get that t-22 tax form and you get lots back for the usage of your truck for work purposes

 

[LID]

Try and get them to pay for gas and then that's not bad at all

 

[Trashy]

Industry dictates rate. Yes patch rates are much higher but liabilities are much greater also. Rv haulers average .75 cents a running mile which sucks after fuel and other expenses. A buddy of mine got .50 cents a km to demo his quad from CF Moto. You need to calculate fuel costs, wear and tear, and added insurance if needed. Once you do that trashy it might surprise you and make ya a little sick to.

I think I know where your going with this junky..... My truck is a 05 Harley F-350. Tires in AB are worth $2200.00 all said and done. factory spare is 18"

I have done a little math on my own, and I am not a mathalete. But I'm thinking that 45 in the long run is short. In the short turn, it could work out to my advantage.

 

[Trashy]

Like I said though get that t-22 tax form and you get lots back for the usage of your truck for work purposes

Getting the t-22 isn't an issue for me, maybe for other's though???

 

[LID]

Can you get it paid as an expense? Then no tax or need for t-22

 

[RMK Junky]

My wife works for a property management company here in GP. The girls get .50/km +GST for running around. On average they put in 500km a month. The maintenance workers also get the same rate. No extra insurance or anything. So there ya go

 

[snopro]

I get .50/km for travel to Lethbridge Doug. I drive a 2010 Ford F-350.

 

[Stompin Tom]

If you get the tax write off and the Kms nits worth it.... Basically works out to them paying off my truck every year

Be very careful with the tax end of it, if you fall outside Revenue Canada's projections you get bumped to the front of the line for audits.

You should not pay tax on the vehicle allowance you receive, but if your expenses do not exceed the amount you get you should actually have to pay extra taxable income. Never claim 100% of your costs, fuel, tires, repairs, insurance, interest because they know you use some personal use with the vehicle, things a simple as traveling to work is personal, not business. You mileage only starts once you arrive at your workplace.

 

[winterax]

Thats an absolute garbage rate if you have to drive on any gravel roads or put fuel in it anywhere north of Edmonton. We get paid anywhere between $0.50- $0.58 depending on an averaged monthly gas charge. It just takes one $500.00 bill, and you'll never recover your costs.

 

[Trashy]

My wife works for a property management company here in GP. The girls get .50/km +GST for running around. On average they put in 500km a month. The maintenance workers also get the same rate. No extra insurance or anything. So there ya go

I have a feeling that your wife knows my brother and sister in law in GP
Thanks for the advice

I get .50/km for travel to Lethbridge Doug. I drive a 2010 Ford F-350.

So then is .45 too less, Ken???

I think, from what I have read. That .45 is ok???

 

[plio7]

Even if you get it paid as an expense you can claim extra for your payments, interest, fuel, and maintenance.

I claim between 80%-85% company use on my truck every year. I still get my compensation from the company and also receive back for my taxes at the end of the year a % of all vehicle costs. As said above never claim 100% on taxes or you'll be top of the list for an audit but if you keep track of you Kms and your fuel expenses youll be fine ad get some money back on top of what your company had paid you.

Just my .02 been doing it that way for 5 years with the company I'm with.

Oil patch rates are much higher but in the construction industry , in Edmonton at least, .40-.50 is pretty standard from what u shopped around when I was working out my deal for my company