Reimbursement for costs are made to the driver only and are calculated by applying the mileage (km) rate to the actual driving distance while on ubc business, by the most. The canada revenue agency has announced the new 2024 mileage rates:
70 cents per kilometre for the first 5000 km driven. In 2024, efficient handling of employee mileage reimbursement not only supports fair employee compensation but also aids in maintaining compliance with legal.
Reimbursement For Costs Are Made To The Driver Only And Are Calculated By Applying The Mileage (Km) Rate To The Actual Driving Distance While On Ubc Business, By The Most.
You may provide an allowance or a reimbursement to your employee to compensate for use of their automobile or motor vehicle in connection with or in the course of their office.
In 2024, Efficient Handling Of Employee Mileage Reimbursement Not Only Supports Fair Employee Compensation But Also Aids In Maintaining Compliance With Legal.
70 cents per kilometre for the first 5000 km driven.
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64 Cents Per Kilometre After That.
Mileage reimbursement example using the cra mileage rate in 2024 let’s say your employee drove 1,500 kilometers, and the cra mileage rate in 2024 is 70¢ for the first.
The Mileage Rate, Effective January 1, 2024, Is $0.70 Per Kilometre (2024 President's Confirmation).
70¢ per kilometre for the first 5,000 kilometres driven.