Regulatory Initiative: Automobile Deduction Limits and Expense Benefit Rates - Forward Regulatory Plan 2022-2024
Automobile Deduction Limits and Expense Benefit Rates
The Income Tax Regulations that prescribe the automobile expense deduction limits and the rates for determining the taxable benefit with respect to automobile operating expenses are reviewed annually to ensure that they remain appropriate.
The Small Business Lens is not expected to apply.
The limits and rates for a calendar year are announced by news release prior to the start of the year for which they apply to ensure that taxpayers are aware of the applicable limits and rates before the start of the year. Canadians are given opportunities to comment on the recommended changes following the end-of-year news release. Any announced changes are implemented by amendments to the Income Tax Regulations.
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