Revenue Canada Mileage Rate 2024

Revenue Canada Mileage Rate 2024. 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. This is a 3% increase in comparison to the rate set for the previous year which was 68 cents for the first 5,0000 km.

Generally, the benefit from personal driving of the employer provided motor vehicle is a taxable benefit. In 2024, the cra has updated its mileage rates to 70 cents per kilometre for the first.