[Verse 1] Sarah drives her Honda to client meetings every day Half for business, half personal, that's the consultant way She pays ICBC premiums, twelve hundred every year But only half is deductible, let me make that clear [Chorus] Business use proportion, that's the key to what you claim Tell your insurer truthfully or you'll lose the coverage game Fifty percent business miles means fifty percent you write Vehicle insurance deductions when you calculate it right [Verse 2] Mark forgot to tell his agent about his consulting work When he had that fender bender, his claim got hurt Coverage void for business use that wasn't declared Always update your policy so you're properly prepared [Chorus] Business use proportion, that's the key to what you claim Tell your insurer truthfully or you'll lose the coverage game Fifty percent business miles means fifty percent you write Vehicle insurance deductions when you calculate it right [Bridge] If you rent your car to your corp, here's what you need to know Insurance costs offset the rental income that you show Corporate model changes things, the math works differently Talk to your accountant first about this strategy [Verse 3] Track your business kilometers throughout the fiscal year Divide by total distance for the percentage that's clear Keep your mileage log detailed, CRA wants proof Business use proportion keeps your deductions bulletproof [Chorus] Business use proportion, that's the key to what you claim Tell your insurer truthfully or you'll lose the coverage game Fifty percent business miles means fifty percent you write Vehicle insurance deductions when you calculate it right [Outro] From ICBC to SGI, whatever province you're in Honest reporting saves you from an audit-heavy spin
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