The Department of Finance Canada announced the automobile income tax deduction limits and expense benefit rates that will apply in 2023. The following changes to limits and rates will take effect as of January 1, 2023: The ceiling for capital cost allowances (CCA) for Class 10.1 passenger vehicles will be increased from $34,000 to $36,000, …
CRA updated several administrative policies in respect of employment benefits, effective January 1, 2022. Two of the key changes relate to employee gifts and parking. These updates were released in late 2022. Gifts, awards and long-service awards Under CRA’s existing gifts and awards administrative policy, the first $500 of annual gifts and awards provided to …
Employee Gifts and Parking: Updated CRA Policies Read More »
The Department of Finance Canada announced the automobile income tax deduction limits and expense benefit rates that will apply in 2023. The following changes to limits and rates will take effect as of January 1, 2023: – The ceiling for capital cost allowances (CCA) for Class 10.1 passenger vehicles will be increased from $34,000 to …