Québec Finance has announced the automobile expense deduction limits and the prescribed rates for automobile operating expense benefits that will apply for the 2016 taxation year. Based on the principle of substantial harmonization between the Québec and Canadian federal tax legislation, the province has announced that it will adopt the rates and limits for 2016 that were put in place by the federal Department of Finance on December 24, 2015.
Specifically, the limits and rates in effect will be as follows:
Please note that the above limits and rates may be subject to the input tax refund restriction for large businesses.
For further details, the Québec Information Bulletin announcing these rates and limits may be accessed at the following link: