Jonny's Sales is a sole proprietorship owned by Jonny Jones. Jonny leased a new 2024 Honda Civic which he uses to make sales calls in the business on January 1, 2023. The vehicle was driven 40,000 kilometres in 2023, 29,000 of which related to the business. Lease payments for the vehicle were $1,570 per month. 

What is the maximum deduction for 2023 related to this lease in the calculation of net business income?

Answer rating: 100% (QA)

In Jonnys situation the key is to identify the maximum allowable deduction for the leased vehicle in ... View the full answer