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Government Announces the 2018 Automobile Deduction Limits and Expense Benefit Rates for Businesses

Published on January 11, 2018

Government Announces the 2018 Automobile Deduction Limits and Expense Benefit Rates for Businesses

For 2018 the automobile deduction limit for reimbursements to employees using personal vehicles for work purposes is increased to $0.55 per km on the first 5,000 km (up from $0.54) and to $0.49 per km on the excess (up from $0.48).
 
Similarly, automobile benefits for the operating expenses for employees using company vehicles personally has increased by the same amount to $0.26 per km (up from $0.25).  For employees engaged principally in selling or leasing vehicles this amount is increased to $0.23 per km (up from $0.22).
 
For more information regarding these changes please contact our office or visit the link below.
 
http://www.fin.gc.ca/n17/17-131-eng.asp?utm_source=2018mileage&utm_medium=NTEmail&utm_campaign=tracker-highlights