Automobile Amounts:
- The 2011 maximum deductible auto lease payment is $800 per month plus PST and GST.
- The 2011 maximum capital cost of a vehicle eligible for depreciation (CCA) is $30,000 plus PST and GST.
- The 2011 maximum deductible interest per 30-day period is $300.
- An employee driving a company car will get charged a taxable benefit called a "standby charge and operating benefit" based on the amount of kilometers the car is driven for personal use.
- For individuals, automobile expenses can be deducted based the percentage of kilometers driven for business over total kilometers driven in the year. Automobile expenses include gas, insurance, license, repairs and maintenance, capital cost allowance (depreciation) or lease payments, and interest on automobile loans.
Remember: travel between home and place of work is not deductible, and you should keep a log of your travels.