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The Department of Finance recently announced the income tax deduction limits and expense benefit rates applicable in 2018 when using an automobile for business purposes. Most limits from 2017 will remain in effect in 2018. These limits include: 1. The ceiling on the capital cost of passenger vehicles for capital cost allowance (CCA) purposes will remain at $30,000 (plus federal and provincial or territorial sales taxes) for purchases after 2017. 2. The maximum allowable interest deduction for amounts borrowed to purchase an automobile will remain at $300 per month for loans related to vehicles acquired after 2017. 3. The limit on...
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