Flaherty Announces New Automobile and Expense Rates for Business

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On December 31th, 2009 the Minister of Finance announced the following items:

  • The capital cost allowance cap of $30,000 (plus applicable taxes) for passenger vehicles will remain in affect for vehicles purchased after 2009.
  • The maximum allowable deduction for interest incurred on debt to finance business vehicles will remain at $300 per month.
  • The maximum deduction for leased vehicles will remain at $800 per month (plus applicable taxes).
  • Personal reimbursement rates for vehicle employment use will remain at 52 cents per km for the first 5,000 km and 46 cent per km for each subsequent km.

Read the full announcement here.

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