Finance raises auto deduction rates

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Two deduction limits haven’t been raised since the early 2000s 

Automobile deduction limits for businesses have been raised for 2022 in response to inflation, in some cases for the first time in almost 20 years.

As of Jan. 1, 2022, the deduction limits for capital cost allowances, leasing and mileage reimbursement have all increased, the Department of Finance announced Thursday.

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Original Article Source Credits: Advisor's Edge, https://www.advisor.ca

Article Written By: Melissa Shin

Original Article Posted on: December 23, 2021

Link to Original Article: https://www.advisor.ca/tax/tax-news/finance-raises-auto-deduction-rates