Vehicle Tax Information

OCAC

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  • Canada Revenue Agency prescribed rates for taxfree mileage reimbursement
    (add 4 ¢ per km for residents of Yukon, Northwest Territories, and Nunavut)
    54 ¢ for 1st 5,000 km in 2013
    48 ¢ for above 5,000 km in 2013
    53 ¢ for 1st 5,000 km in 2012
    47 ¢ for above 5,000 km in 2012
    52 ¢ for 1st 5,000 km in 2008 to 2011
    46 ¢ for above 5,000 km in 2008 to 2011

    Maximum depreciable value on passenger vehicle $30,000 (plus HST or GST & PST) 2001 – 2012
    Maximum eligible monthly lease cost on passenger vehicle $800 per month (plus HST or GST & PST) for leases entered into after January 1, 2001

    Operating cost benefit calculation for employment income inclusion
    26 ¢ per km for 2012
    24 ¢ per km for 2008 to 2011
    22 ¢ per km for 2006 and 2007
    (21 ¢ for 2008 and 2009, 19 ¢ for 2006 and 2007, if taxpayer employed principally in selling or leasing automobiles).
    If business use > 50% can elect operating benefit to be half of standby charge.

    Standby charge benefit calculation for employment income inclusion:
    -- Employer-owned auto = 2% x cost of auto x number of days auto available in year divided by 30
    -- Employer leased auto = 2/3 x lease payment while auto is available to employee
    If > 50% (>90% for 2003 and prior) business use a reduced standby charge may apply.

    Maximum allowable interest deduction for amounts borrowed to purchase an automobile: $300 per month.
     
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