Every year, the (CRA) Canada Revenue Agency updates the per kilometre rates. It was announced in December 2020 that current rates will also be applicable for the year 2021. The limit will remain at 59 cents per kilometre for the first 5,000 kilometres and 53 cents per kilometre for each kilometre above 5,000.
· An additional 4 cents per kilometre applies for travel in the Northwest Territories, Nunavut and Yukon.
· The maximum purchase price eligible for (CCA) capital cost allowance on passenger vehicles remains at:
· $30,000 plus sales tax for non-zero-emission passenger vehicle
· $55,000 plus sales tax, for eligible zero-emission passenger vehicles
· The maximum allowable interest deduction for a new automobile loan is $300 per month.
· The limit on deductible leasing costs is $800 per month plus sales tax.