2024 Mileage Rate Calculator Canada. The updated cra mileage rates for 2024 carry significant implications for both business owners and employees in canada. Understanding and effectively applying these rates can lead to.
The department of finance announced the automobile expense deduction limits and the prescribed rates for automobile operating expense benefits that will apply for the 2024. To calculate vehicle allowance amounts provided by employers using the cra mileage rate, multiply an employee’s total business kilometres driven during a given tax year with the corresponding kilometric rate of ($0.70.
