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Automobile Deductions

CRA announced the new automobile deduction limits and expense benefit rates for 2012:

DEDUCTION RATE OR LIMIT

2012 AMOUNT

2011 AMOUNT

Ceiling on capital cost (of acquiring vehicle) of passenger vehicles for capital cost allowance purposes

$30,000 + federal taxes + provincial taxes

$30,000 + federal taxes + provincial taxes

Limit on deductible leasing costs (lease cost must be prorated if value of vehicle > capital cost ceiling)

$800 per month + federal taxes + provincial taxes

$800 per month + federal taxes + provincial taxes

Limit on tax-exempt allowance paid by employer, i.e., costs of owning and operating vehicle (other than Territories)

53¢ per kilometer for first 5,000 km
47¢ for each km thereafter

52¢ per kilometer for first 5,000 km
46¢ for each km thereafter

Limit on tax-exempt allowances paid by employer in YK, NT and NU

57¢ per km for first 5,000 km
51¢ for each km thereafter

56¢ per km for first 5,000 km
50¢ f...

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