2024 Mileage Reimbursement Rate Canada. 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 33 cents per kilometre for 2024. The updated cra mileage rates for 2024 carry significant implications for both business owners and employees in canada.
If you are an employer, go to automobile and motor vehicle allowances. 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 33 cents per kilometre for 2024.
Our Free Mileage Reimbursement Calculator For Canada Automatically Applies The Current 2024 Cra.
If you drive in the northwest territories, yukon or nunavut, cra mileage rates are 74ยข per kilometre for the first 5,000 kilometres and 68ยข afterwards.
If You Are An Employer, Go To Automobile And Motor Vehicle Allowances.
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 cents per kilometre for the first 5,000 kilometers driven.
2024 Mileage Reimbursement Rate Canada Images References :
After 5,000 Km, The Rate Decreases To 64 Cents Per Kilometre.
Rates are reviewed on a quarterly basis.
To Calculate Meal And Vehicle Expenses, You May Choose The Detailed Or Simplified Method.
64ยข per kilometre over 5,000 kilometres.
