Mileage Rate Ca 2024 Rate

Mileage Rate Ca 2024 Rate. Use the prescribed rate (section 7306 of the itr) per kilometre of personal driving to calculate the. The general prescribed rate used to determine the taxable benefit of employees relating to the personal portion of automobile expenses paid by their employers will remain at.

However, this rule applies as long as your company’s mileage rate is not more than the current standard. For 2024, the department of finance canada made some notable changes to the automobile income tax deduction limits and mileage rates, with the initial mileage rate increasing to 70.