2024 Cra Mileage Rate Deduction

2024 Cra Mileage Rate Deduction. Canadian taxpayers should be aware of these rules when managing their business expenses to avoid any penalties from the cra. The cra mileage rates, also known as the automobile allowance rates, consist of two components:

$0.70 per kilometer for the first 5,000 kilometers driven; Use the prescribed rate (section 7306 of the itr) per kilometre of personal driving to calculate the.