2017 income tax deduction limits and benefit rates when using an automobile for business purposes.
The ceiling on the capital cost of passenger vehicles for capital cost allowance (CCA) purposes remains at $30,000 (plus applicable federal and provincial sales taxes) for purchases after 2016. This ceiling restricts the cost of a vehicle on which CCA may be claimed for business purposes.
About the Author:
Ofer Tamir, CPA, CA, is a Tax Manager at Crowe BGK.
Connect with him: [email protected]