Cra Mileage Rates 2024 Ontario

Cra Mileage Rates 2024 Ontario. A vehicle allowance will be considered a taxable benefit if an employee or officer is paid: In a significant move that will impact businesses across the nation, the department of finance canada has announced changes to the deductible mileage rates for the year 2024.

Rates are reviewed on a quarterly basis. In 2024, the cra has updated its mileage rates to 70 cents per kilometre for the first 5,000 kilometres driven and 64 cents thereafter.