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Corporate mileage reimbursement enables taxpayers to claim back money when using personal vehicles, but the system is complex. Here we explain how it works for both employees and business owners.
This page is for employers who provide their employees with a travel allowance. It will help you determine if the allowance is taxable and the necessary reporting requirements.
6 cze 2024 · CRA mileage calculator. Enter your driving below to estimate the reimbursement or CRA deduction you are entitled to for your business kilometres. Select rate. 2024 CRA rates. How many kilometres did you drive for work? km. Apply the additional 4¢ per km allowed in the Northwest Territories, Yukon, and Nunavut. 70¢ per km (first 5,000 km) $ 0.00.
Determine if the travel allowance or reimbursement is taxable. Generally, if you provide an allowance or a reimbursement for travel expenses to an employee who is not required to travel in the course of performing employment duties or for their personal travel, the allowance or reimbursement is taxable.
This guide to business travel expenses will give best practices for collection and reimbursment, and how to track and project business travel expenses.
13 maj 2024 · Calculate your mileage reimbursement by multiplying your business-related kilometres with the CRA mileage rate for 2024 - 70 cents for the first 5,000 km. After 5,000 km, the rate decreases to 64 cents per kilometre.
2 kwi 2024 · To calculate vehicle allowance amounts provided by employers using the CRA mileage rate, multiply an employee’s total business kilometres driven during a given tax year with the corresponding kilometric rate of ($0.70 per km 2024 for the first 5,000km and $0.64 thereafter).
