The Finance Minister has announced the automobile expense deduction limits and the prescribed rates for automobile operating expense benefits that will apply for the 2017 taxation year. This year’s announcement is similar to the 2016 release, with only two rates changing from the previous year. Specifically, the rates in effect as of January 1, 2017 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: