Is there a tax exemption for car loans?

In the last few months, I’ve been using my van for a part-time airport shuttle business while my kids are in school. Am I able to get a tax exemption for its loan?

For most vehicles, getting a tax exemption isn’t possible on the loan. However, for vehicles used for business purposes, you actually can get a tax exemption on the loan. The exemption will only work for the time you’re using it for your business and not for personal time.
This of course isn’t the only great way to save money on vehicle expenses though. With the Jerry app, you can shop for lower car insurance rates and save you hundreds of dollars. Jerry compares competitive quotes from more than 50 top providers, including Nationwide, Allstate, and Travelers, and delivers the best deals to your phone in minutes for free. The average Jerry driver saves $879 a year on car insurance!
Will Baldwin
Answered on Dec 03, 2021
Will Baldwin is a graduate of Ryerson’s School of Journalism with three years of experience writing and freelancing for multiple publications including The Globe and Mail. With a deep interest in geography, economics, and politics, he has come to be extremely interested in the relationship of personal finances and culture with the auto industry as one of the forefronts of his interest. When not writing, he’s an avid sports fan who splits his time between watching too much basketball and having his heartbroken by the New Orleans Saints. Will is based in Toronto, Ontario.

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