Understanding CRA Mileage Tracking Requirements
To comply with the Canada Revenue Agency (CRA) regulations, maintaining a detailed mileage log is essential for anyone claiming vehicle expenses for business purposes. The CRA mandates that logs include the date, destination, purpose of the trip, and odometer readings at the start and end of each trip. This ensures precise calculation of kilometres driven.
For those utilizing a vehicle for business, it’s crucial to record odometer readings at the beginning and end of the year to establish total annual mileage. The CRA provides two methods for tracking: the Full-Year Detailed Logbook, which requires year-long records, and the Simplified Logbook, which allows for a three-month sample after a base year of detailed logging. Adhering to these requirements can prevent disallowed deductions and penalties during CRA audits.