Start Date: 2024-12-14
End Date: 2025-01-03

Top Headlines

Main Stories

Government Announces New Automobile Deduction Limits for 2025

The Department of Finance Canada has set new automobile income tax deduction limits and expense benefit rates effective January 1, 2025. The capital cost allowance limit for passenger vehicles has increased from $37,000 to $38,000. Additionally, deductible leasing costs have risen to $1,100 per month. These changes affect leasing and purchasing decisions within the automotive sector. The unchanged ceiling for zero-emission passenger vehicles and interest deduction rates may influence decisions in the electric vehicle market.

Sources: ['Announcements: www.canada.ca']