[ON] GC vehicle ownership?
I’ve recently restarted operations as a general contractor that does residential remodeling work in Toronto after working for an employer for the past 4 years. My business owns all my tools and assets except for my truck. Do I need my business to legally own the vehicle and do registration and insurance to be using it as a work vehicle?
I’m undecided if I will continue operating this business long term or will wind up as an employee again within the next 6 months so I’m trying to minimize the amount of admin and overhead I put into it for the 2-3 projects I’m currently working on. Are there major pros/cons to keeping it as a personal vehicle or my company purchasing the truck from me?