Flaherty Announces New Automobile and Expense Rates for Business

Expat Tax UpdatesKeep updated on Expat Tax and Financial Planning News

Each year I help over 500 clients file their Canadian and US tax returns as well as plan for both their Canadian and US investment accounts. I also regularly help new US clients plan for their move to Canada.

Feel free to reach out via email at phil@philhogan.com or by phone or text here 250-661-9417.

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.

Facebook Comments


Please enter your comment!
Please enter your name here