Business Mileage Rate 2025 Cra . CRA Mileage Calculator 2024 DriveLog These include several changes from last year's limits and rates The following changes to limits and rates will be taking effect as of January 1, 2025: The ceiling for capital cost allowances (CCA) for Class 10.1 passenger vehicles will be increased from $37,000 to $38,000, before tax, in respect of vehicles (new and used) acquired on or after January 1, 2025.
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That means the maximum amount you can claim for a purchased vehicle is $38,000 These new rates are used to calculate deductible vehicle expenses for business use
Free Mileage Log Templates Smartsheet Upon surpassing the 5000-kilometer mileage threshold, employees can claim at a range of 64 cents for every kilometer afterward. Understanding the 2025 CRA mileage rate Making sure your employees are fairly reimbursed for driving their personal vehicles for business-related purposes, while simultaneously lowering your expenses can be challenging Use the CRA mileage rate for 2025 to calculate business kilometres in the following year's tax return.
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