The Finance Minister has announced the automobile expense deduction limits and the prescribed rates for automobile operating expense benefits that will apply for the 2016 taxation year. This year’s announcement is different from those made in previous years, as two of the rates have declined from the previous year. Specifically, the rates in effect as of January 1, 2016 will be as follows:
Please note that the above limits and rates may be subject to the recapture of input tax credit requirements in Ontario and Prince Edward Island.
The news release may be accessed at the following link:.