Business Mileage Rate 2024 Cra

Business Mileage Rate 2024 Cra. Calculate the motor vehicle benefit using the reasonable allowances rate calculation. $0.70 per kilometer for the first 5,000 kilometers.

Rates are reviewed on a quarterly basis. 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.