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ARTICLES

 

Personal Taxes
Tax Planning

Business and Corporate Taxes


CAR EXPENSES & BENEFITS

Year
Operating Cost Benefit - rate per kilometer (4)
Tax Exempt Allowances Limit (5,6,7)
Capital Cost of Passenger Vehicles Limit (8)
Monthly Lease Limit (9)
Monthly Interest Deduction (10)
2013  
26¢
 
53¢ / 47 ¢
 
$30,000
$800
$300
2012  
26¢
53¢ / 47 ¢
$30,000
$800
$300
2011  
24¢
52¢ / 46 ¢
$30,000
$800
$300
2010  
24¢
52¢ / 46 ¢
$30,000
$800
$300
2009  
24¢
52¢ / 46 ¢
$30,000
$800
$300
2008  
24¢
52¢ / 46 ¢
$30,000
$800
$300
2007  
22¢
50¢ / 44¢
$30,000
$800
$300
2006  
22¢
50¢ / 44¢
$30,000
$800
$300
2005  
20¢
45¢ / 39¢
$30,000
$800
$300
2004  
17¢
42¢ / 36¢
$30,000
$800
$300
2003  
17¢
42¢ / 36¢
$30,000
$800
$300
2002
16¢
41¢ / 35¢
$30,000
$800
$300
2001
16¢
41¢ / 35¢
$30,000
$800
$300
2000
15¢
37¢ / 31¢
$27,000
$700
$250
1999
14¢
35¢ / 29¢
$26,000
$650
$250
1998
14¢
35¢ / 29¢
$26,000
$650
$250
1997  
14¢
35¢ / 29¢
$25,000
$550
$250

(4) rate for regular employees - rate is lower for employees employed principally in selling or leasing automobiles
(5) on allowances paid by employers to employees based on actual kilometers driven for business purposes
(6) rates are higher for Yukon, North West Territories, and Nunavut
(7) higher rate is for first 5,000 km driven by individual employee; lower rate is for each additional km driven in excess of 5,000km
(8) on which capital cost allowance may be claimed; to the amounts there may be added applicable GST/HST
(9) maximum deduction that may be claimed on leased passenger vehicles - based on year in which lease was entered into; there may be deducted applicable GST/HST and PST
(10) on loan to finance acquisition of passenger vehicle

 

 
 
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