Advocacy: 2024 automobile deduction limits
CFLA - January 12, 2024 - Featured Content Area
The CFLA's lobbying efforts increase auto leasing deduction limits for the third time after 20 years without an increase.
Like every year-end, the Government of Canada announced ⇒ the 2024 automobile deduction limits and expense benefit rates for businesses.
Sustained lobbying efforts by the CFLA led to two back-to-back increases. This year saw another rise:
• The limit on deductible leasing costs will be increased to $1,050 from $950 per month, before tax, for new leases entered into on or after January 1, 2024.
• The maximum allowable interest deduction will be increased to $350 from $300 per month for new automobile loans entered into on or after January 1, 2024.
This brings the deductible leasing costs limit almost in line with the cost-of-inflation adjustment the CFLA has been asking for years. In today’s low-capital investment environment, any policy that frees up money for Canadian businesses and consumers to reinvest is welcome.
More information
Email Marcel Buerkler, CFLA Director of Policy