Finance announced a two cent increase to the prescribed rates used to compute certain employee taxable benefits for 2022. The rate used to determine the taxable benefit relating to the personal portion of automobile operating expenses paid by employers increased to 29 cents per kilometre (from 27 cents), as of January 1, 2022. The rate used to determine the taxable benefit of an employee who is employed principally in selling or leasing automobiles has also increased to 26 cents per kilometre (from 24 cents) for 2022.
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Information is current to January 10, 2022. 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
