Finance raises auto deduction rates
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.
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