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Two50noob said:
please tell me how you plan to write of your bike for Tax as i and other riders would love to do the same.
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You can't. I mean, you can, but you're asking for trouble.

You can write off any vehicle if it's used specifically for your business, so if he's a courier but that's about it, and even then, one look at your return by someone with a basic knowledge of bikes and welcome to Auditland!

source: run my own business, write off lease payments, insurance, gas, parking on my second car because I use it exclusively for work.
 
Welcome to the forum. Nice bike.

Glad to see your thread is full of "don't start on a 600". Typical. :rolleyes:
For all the experts, if he's 210 lbs and a bigger guy he'd probably look like a monkey ******* a football and be very uncomfortable riding a gtam acceptable smaller bike.

Enjoy it. If you want to get out of the city for some good rides feel free to shoot me a pm.
 
literally not a single person said "don't start on a 600"

7 people said "welcome"
1 person asked if he considered a smaller bike at any point in deciding
I shared my personal story of my first bike, from a cost standpoint.


then we started talking about write offs and various things. did you even skim the thread?
 
It can't just be welcome to the forum and nice bike. It's always insane insurance. Did you think about a smaller bike. Be careful etc. I'm sure he thought about his decision.
 
Roomie said:
It can't just be welcome to the forum and nice bike. It's always insane insurance. Did you think about a smaller bike. Be careful etc. I'm sure he thought about his decision.
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I'm not sure if I like your feminine side.
 
Two50noob said:
please tell me how you plan to write of your bike for Tax as i and other riders would love to do the same.
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Actually, it sounds like he's writing off bike insurance, even better.


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Iceman said:
Actually, it sounds like he's writing off bike insurance, even better.
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see my post. you don't write off one and not the other. if he actually claims it's a legitimate business expense, he can claim purchase price, taxes, insurance, gas, paid parking (not parking tickets)
 
I'm a real estate agent so as long as I merge both vehicles together under one policy I can right off both vehicles.I do use the bike to go meet clients that are close friends or family members I am working with. And I do agree young people are stupid.
 
gsxr2nv said:
I'm a real estate agent so as long as I merge both vehicles together under one policy I can right off both vehicles.
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This is incorrect my friend, you're gonna get yourself into serious trouble.

It doesn't matter if the vehicles are on the same policy (they aren't anyway, I'm with statefarm and my cars are one policy and the bike is another slip)

If you're a real estate agent and you've registered a business license, then yes, you can write off everything to do with your car, but not the bike. You will get burned BIG TIME.

you're gonna write off $10 grand and when you get audited, you're gonna owe income tax on it, plus a penalty (I under reported the value of a vehicle one time when they contacted the seller and I ended up paying the difference in tax plus a 100% penalty)

do yourself a favour, write off your car, find other things to expense, clothes, computers, rent, but leave the bike out of it. you're gonna screw yourself HARD.

again, this is all first hand advice. i'm not speculating, CRA does not **** around, and they have 7 years to look back and catch it.
 
Dr Astronaut said:
This is incorrect my friend, you're gonna get yourself into serious trouble.

It doesn't matter if the vehicles are on the same policy (they aren't anyway, I'm with statefarm and my cars are one policy and the bike is another slip)

If you're a real estate agent and you've registered a business license, then yes, you can write off everything to do with your car, but not the bike. You will get burned BIG TIME.

you're gonna write off $10 grand and when you get audited, you're gonna owe income tax on it, plus a penalty (I under reported the value of a vehicle one time when they contacted the seller and I ended up paying the difference in tax plus a 100% penalty)

do yourself a favour, write off your car, find other things to expense, clothes, computers, rent, but leave the bike out of it. you're gonna screw yourself HARD.

again, this is all first hand advice. i'm not speculating, CRA does not **** around, and they have 7 years to look back and catch it.
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Yea thats were i figured this was going..
 
Yea i get that i am going by what my accountant told me, i guess ill look further into it what i was told by a lawyer friend and the accountant was as long as i use it in my business i can right it off but i guess when the time comes ill look further into it if i can i can if not then not a big deal. Thanks for the info dough appreciate it @dr_astronaut
 
no problem, sorry to say but your accountant is incorrect and they should know better.

even if this was a car and not a bike, and you had a second car, and one was exclusively for work and the other for pleasure, you still can't write off 100% of the costs, only up to 90% or so. the reasoning is that it's realistic that you will occasionally use it for things that are non work related. and when you sub in a bike, its just laughably unrealistic.

the amount you write off is proportional to the percentage of use for work, so in theory, if you actually used the bike to go to meet clients, you could write off a percentage of the costs. but it would have to be a small amount because no one is going to believe you. the risk/reward is too great to even include it on your return. (risk being if you get audited and they get really stingy about other things.)

anywoo good luck.
 
hahaha, oh god no, but good luck!

actually pm me if you want some tips, there's lots of things you CAN legally write off if you do it right.
 
Don't you also have to keep a mileage logbook for whenever you use your vehicle to visit a client?

PS I have the same bike as you, including the exhaust haha. Lemme know if you might need a spare part or something or need a tip on something specific to this bike. I've done work on it but nothing too extensive (replaced stator, R/R, chain and sprockets, wired in LEd lights to brake and heated grips to ignition)
 
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