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Government Announces the 2016 Automobile Deduction Limits and Expense Benefit Rates for Business

December 24, 2015 – Ottawa, Ontario – Department of Finance

Finance Minister Bill Morneau announced the income tax deduction limits and expense benefit rates that will apply in 2016 when using an automobile for business purposes.

Although most of the limits and rates that applied in 2015 will continue to apply in 2016, there are two changes taking effect as of 2016.

The first is that the limit on the deduction of tax-exempt allowances that are paid by employers to employees who use their personal vehicle for business purposes will be reduced by 1 cent to 54 cents per kilometre for the first 5,000 kilometres driven, and to 48 cents per kilometre for each additional kilometre.

The second change in 2016 is that the general prescribed rate that is used to determine the taxable benefit of employees relating to the personal portion of automobile operating expenses paid by their employers will be reduced by 1 cent to 26 cents per kilometre.

For taxpayers who are employed principally in selling or leasing automobiles, the prescribed rate used to determine the employee’s taxable benefit will be reduced by 1 cent to 23 cents per kilometre. The amount of this benefit is intended to reflect the costs of operating an automobile.

For more information visit — http://www.fin.gc.ca/n15/15-090-eng.asp

This entry was posted on Monday, January 18th, 2016 at 12:33 pm and is filed under Accounting News, Tax News. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.

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