Ottawa – The Department of Finance Canada announced the automobile income tax deduction limits and expense benefit rates that will apply in 2025. The following changes to limits and rates will be taking effect as of January 1, 2025: The ceiling for capital cost allowances (CCA) for Class 10.1 passenger vehicles will be increased from $37,000 to $38,000, before tax, …
2024 Automobile Deduction Limits Expense Benefit announced
Ottawa – The Department of Finance Canada announced the automobile income tax deduction limits and expense benefit rates for 2024. The following changes to limits and rates will take effect as of January 1, 2024: The ceiling for capital cost allowances (CCA) for Class 10.1 passenger vehicles will increase to $37,000 from $36,000, before tax, in respect of new and …