Leasing is simply an alternate means of financing property, such as a vehicle. When leasing a vehicle, the lessor retains ownership. During the contract period fixed payments are made and the car is returned on a future date that is stated in the agreement.

Is Leasing Only for Businesses? Leasing used to be considered the exclusive financial tool of businesses. However, individuals should consider leasing for the same reasons businesses do.

Businesses use leasing to allow for careful cash conservation and financial planning. With  minimal down payment, a business lease frees up business capital for other purposes. The payment is also deductible under Revenue Canada rules as a business expense. Leasing does not affect existing lines of credit, a business essentially pays for the vehicle as it is used.

Individuals receive the full benefit of leasing: lower     down payment, lower monthly costs, easy disposal of the vehicle, and a more expensive vehicle than could otherwise be afforded. Personal & Business use allows the individual to lease the vehicle of his choice   while receiving the major benefits that accrue to a business. Under Revenue Canada's rules the portion of the vehicle used for business is tax deductible.

Does Leasing makes sense for you? Try our 'Instant Lease'.

 

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