Can Auto Insurance Be Deducted on Taxes in Ontario?

Understanding the tax implications of auto insurance premiums is important for Ontario drivers.

Generally, personal auto insurance premiums are not tax-deductible in Ontario. However, if you use your vehicle for business purposes, a portion of your insurance may be deductible. Consult with a tax professional for advice specific to your situation.

Have tax-related questions regarding your auto insurance? Our knowledgeable staff can guide you or refer you to a trusted tax advisor.

While personal auto insurance isn’t typically tax-deductible, understanding the nuances of insurance tax deductions can benefit those using their vehicles for business.