Allowable Amounts for Vehicles in 2018

Each year we get an update on allowable amounts for vehicle expenses. The 2018 numbers are:

Amounts that can be paid to employees for business use of a personal vehicle:

• 55 cents for the first 5000 km in a year
• 49 cents for each km after that in the year
• Celling on capital cost for passenger vehicle is still $30,000 (plus HST)
• Maximum monthly interest deduction is $300
• Maximum monthly lease costs remains at $800.