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Originally Posted by Eff-1
Yes, apparently I need to go to a broker and get them to price it out without business use and then just calculate the difference.
I dunno, I think if you ever get in a situation where ICBC is questioning whether you have business insurance or not following a collision, all they have to do is ask if you are writing off vehicle expenses for tax purposes. Because there's ultimately a gigantic paper trail that confirms vehicle use for business purposes, the risk of not having the proper insurance doesn't seem worth the reward to me.
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You'd think, but I haven't heard of this happening to anyone. I understand that you're cautious and you're very well within your rights to do so. Just cause my clients or people that I know haven't been caught, doesn't mean they won't be ever.
Hell half the time ICBC threatens people about denying insurance when it's improperly classed - pleasure vs regular, but nothing actually goes through. Or when people commit fraud by "hitting an animal" and even if there is a significant amount of investigation and paper trail, there's no real consequence LOL. Or another example, a past personal tax client (self-employed) didn't pay his car insurance for over a year and got caught. He was issued a ticket from the PD. The ticket is cheaper than paying for insurance lol (he also tried to get us to expense this ticket - which fines and penalties are not eligible business expenses). You also don't really need to pay that ticket, if you don't have plans on renewing your license and plan to driving illegally, which he is by driving with no insurance anyway. Another example of this is someone who bought a car from me didn't have a license (suspended), still drives around, is known to police, but that's too low priority for police to be concerned about.
In regards to the paper trail, I doubt ICBC would have the authority to request that information from you. NIL, but I'd imagine they'd have to subpoena you for this information. To my knowledge, CRA is not interconnected with ICBC, with the exception of if you obviously provide a GST # for the exemption. But even then, to get that information from the CRA or to get the CRA to start an audit on this basis, would be unlikely. The CRA doesn't even have enough resources to staff phones anymore, let alone take responsibility of regular audit timelines.
Quote:
Originally Posted by Badhobz
you didnt show them any pictures of brampton!!!
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Funny enough Brampton is one of the larger sponsors of a tech conference that BC stole from Toronto. Good for them for trying. Good luck.