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2021 automobile allowance limits — One cent drop for personal use benefit

2021 automobile allowance limits — One cent drop

Most other limits and rates that applied in 2020 will continue to apply in 2021

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Finance announced a one cent decrease to the prescribed rates used to compute certain employee taxable benefits for 2021. The rate used to determine the taxable benefit relating to the personal portion of automobile operating expenses paid by employers decreased to 27 cents per kilometer (from 28 cents per kilometer), as of January 1, 2021. The rate used to determine the taxable benefit of an employee who is employed principally in selling or leasing vehicles has also decreased to 24 cents per kilometer (from 25 cents per kilometer) for 2021.

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Information is current to January 5, 2021. 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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