Tax Tips & Traps No. 122

Thursday, May 17th, 2018

This publication is a high-level summary of the most recent tax developments applicable to business owners, investors, and high net worth individuals. Enjoy!

 

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Business Matters Volume 32 Issue 2

Monday, April 23rd, 2018

TAXATION

New 2018 CRA Allowances for Company-Use Vehicles

Owner-managers should discuss Canada Revenue Agency (CRA) changes to employee vehicle allowances with their CPAs before announcing any changes to company policy.

To keep up with the rising costs of operating vehicles, Revenue Canada has increased the maximum tax-exempt car allowance deductible for employees to 55 cents per kilometre for the first 5,000 kilometres, and to 49 cents per kilometre for distances travelled in excess of 5,000 kilometres.

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Professionals

  • Garth Swanson - B.Comm., CPA, CA

    Garth Swanson - Partner

    CPA, CA

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    Greg Gryba - Partner

    CPA, CA

  • Diego Roa - B.Comm., CPA, CA

    Diego Roa

    CPA, CA

  • Kelcey Maksymchuk - B.Comm., CPA, CA

    Kelcey Maksymchuk

    CPA

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