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Automobile Limits
Businesses
and employees who use their vehicle in the performance of their employment
duties that own vehicles are restricted in the amounts they can deduct for income tax
purposes on certain Automobiles. Capital Cost Allowance (CCA) is the tax depreciation deduction at 30% per year.
The "Max. CCA Addition" is before GST (if the business is not GST
registered, the GST can be added to the maximum rate) and before PST (PST if
paid can be added to the maximum rate). "Max. Interest" refers to the
maximum interest paid on an automobile loan. "Max. Lease" refers to
the maximum leasing rates and is before GST (again if the business is not GST
registered, the GST can be added to the maximum rate) and before PST (PST if
paid can be added to the maximum rate).
| Year |
2003 |
2004 |
2005 |
2006 |
| Max. CCA Addition |
$30,000 Per Auto |
$30,000 Per Auto |
$30,000 Per Auto |
$30,000 Per Auto |
| Max. Interest Deduction |
$300 Per Month |
$300 Per Month |
$300 Per Month |
$300 Per Month |
| Max. Lease Deduction |
$800 Per Month |
$800 Per Month |
$800 Per Month |
$800 Per Month |
There
are some problems on the lease deduction discussed HERE.
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