Business Matters Volume 32 Issue 2
Monday, April 23rd, 2018
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.[ Continue Reading ]
Garth Swanson - Partner
Greg Gryba - Partner
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