Today, the Department of Finance Canada announced the automobile income tax deduction limits and expense benefit rates for 2024. The following changes to limits and rates will take effect as of January 1, 2024: The ceiling for capital cost allowances (CCA) for Class 10.1 passenger vehicles will increase to $37,000 from $36,000, before tax, in respect of new and used vehicles acquired on or after January 1, 2024. The limit on deductible leasing costs will be increased to $1,050 from $950 per month, before tax, for new leases entered into on or after January 1, 2024. The maximum allowable interest deduction will be increased to $350 from $300 per month for new automobile loans entered into
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