Corporate Taxprep 2021.1.1

Summary of Non-Deductible Automobile Expenses for Passenger Vehicles

The interest expenses and other non-deductible expenses (amount on line D) calculated in Form Automobile Expenses – Non-Deductible Interest Expenses and Other Expenses for passenger vehicles for each automobile are carried forward to the custom worksheet in the “Summary of interest expenses and other non-deductible expenses” section.

The non-deductible leasing costs and other expenses (amount on line 14) calculated in Form Automobile Expenses – Non-Deductible Leasing Costs and Other Expenses for passenger vehicles for each automobile are carried forward to the custom worksheet in the “Summary of leasing costs and other non-deductible expenses” section.

The total of lines D and lines 14 in those two sections will be carried forward to line 122, Non-deductible automobile expenses of Schedule 1.

This summary will provide you with a complete list of all automobiles from which you can quickly access data related to each automobile concerned.

Form’s applicability

This form is applicable as soon as two or more automobiles for a given section (interest expenses or leasing costs) are shown in the summary.

See Also

Automobile Expenses – Non-Deductible Interest Expenses and Other Expenses

Automobile Expenses – Non-Deductible Leasing Costs and Other Expenses

Schedule 1 – Net Income (Loss) for Income Tax Purposes