Home   Online Application   Benefits of Leasing   FAQ's   Types of Leases   Vendor Programs   Glossary of Terms   Careers   Contact Us   Francais     One of the many benefits No depreciation allowance schedules or additional tax records kept.		Frequently Asked Questions   How is a lease different from a loan? Is a down payment required? How do I qualify for a lease? Are all leases alike? Are lease payments tax deductible? What can be leased? Can I lease used equipment? What is the minimum equipment value that can be leased? Can I include service fees in the cost of the lease? Can I include software? Am I able to add equipment at a later date? What is the buy out? Will my lease payment ever change? How long does the lease process take? How is a lease different from a loan?  Back to Top In leasing you agree to make payments for a specific period of time for the use of equipment that is owned by the leasing company. Is a down payment required?  Back to Top Usually one to two monthly payments is required at time of signing. Alternative arrangements can be made for qualified clients. How do I qualify for a lease?  Back to Top A brief one page application is usually all that is required. Financial information may be required for leases over $20,000. Are all leases alike?  Back to Top No. There are three lease options available to you: $1.00, Fixed Purchase Option, and Fair Market Value (FMV). Are lease payments tax deductible?  Back to Top Revenue Canada will allow you to write off 100% of your lease payment on a true FMV lease Consult your accountant for specific application to your business. What can be leased?  Back to Top Almost any type of equipment can be leased. Can I lease used equipment?  Back to Top Yes. We can finance many types of used equipment upon approval. What is the minimum equipment value that can be leased?  Back to Top The minimum is $2,000. Can I include service fees in the cost of the lease?  Back to Top Yes. Installation and service fees can be added in the lease. You can even include maintenance contracts. Can I include software?  Back to Top Yes. Software and other 'soft costs' can be added to the lease. Am I able to add equipment at a later date?  Back to Top Yes. You may add to your lease at any time. What is the buy out?  Back to Top You can choose from many options including FMV, $1 buy out, and Fixed Purchase Options. For additional information visit our Types of Leases page. Will my lease payment ever change?  Back to Top No. Lease payments and terms are fixed and are not affected by inflation or changing bank rates. How long does the lease process take?  Back to Top Requests for up to $20,000 usually can be approved within a number of hours from a one-page credit application. Documents are immediately couriered to you after your credit approval and a purchase order can be faxed to your vendor after we have received the signed documents.