The rates for automobile expenses, deduction limits and the prescribed rates for determining taxable benefits on automobile operating expenses are as follows for 2012.
Personal Income Tax Parameters
In 2012, individuals will benefit from a small Federal tax reduction due to indexation of the tax bracket thresholds and non-refundable tax credit amounts. The following table shows the Federal personal income tax parameters for 2012 in comparison to those for 2011.
If you wish to print these tables, you can download the PDF here.
The matters highlighted in this tax memo are presented in broad general terms and, of course, cannot be applied without consideration of all circumstances. The firm will be pleased to discuss with recipients the possible effects of these matters in specific situations.