CFLA lobbying increases leasing deduction limits for second time
CFLA - December 21, 2022 - Featured Content Area
The CFLA's lobbying efforts increase auto leasing deduction limits for second time after 20 years without an increase.
Like every year-end, the Government of Canada announced ⇒ the 2023 automobile deduction limits and expense benefit rates for businesses.
Intense lobbying by the CFLA led to higher deductions for the first time in over two decades last year, increasing the limit from $800 to $900.
This year, after sustained advocacy and two more meetings with the Department of Finance, saw another rise:
Deductible leasing costs will be increased from $900 to $950 per month, before tax, for new leases entered into on or after January 1, 2023.
We'll continue to advocate leasing deductions that reflect the current economic context. In the present high inflation and low capital investment environment, any measure that frees up money for Canadian businesses to reinvest is good policy.
More information
Email Marcel Buerkler, CFLA Director of Policy