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Automobile Allowance Limits for 2020

Automobile Allowance Limits for 2020

Deductible automobile allowance is being increased by one cent

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Finance announced a one cent increase to the income tax deduction limits on tax-exempt allowances paid by employers to employees who use their personal vehicles for business purposes in 2020. This announcement was made on December 19, 2019.

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Information is current to January 7, 2020. The information contained in this publication is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavour to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act upon such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's National Tax Centre at 416.777.8500

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