2012 Automobile Deduction Limits and Expense

Posted by on 6月 22, 2012 in News | 0 comments

Below are the automobile expense deduction limits and the prescribed rates for the automobile operating expense benefit for 2012:

  • The ceiling on the capital cost of passenger vehicles for capital cost allowance (CCA) purposes will remain at $30,000 … read more
  • The limit on deductible leasing costs will remain at $800 per month …read more
  • The maximum allowable interest deduction for amounts borrowed to purchase an automobile will remain at $300 per month … read more
  • The limit on the deduction of tax-exempt allowances paid by employers to employees using their personal vehicle for business purposes … read more
  • The general prescribed rate used to determine the taxable benefit relating to the personal portion … read more

Source: Department of Finance Canada

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