Mileage Rate 2024 Canada Calculator. 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. An input tax credit can be claimed by the employer based on the mileage allowance paid to the employees or officers.
Use the prescribed rate (section 7305.1 of the itr) per kilometre of personal driving to calculate the motor vehicle. The mileage calculator app helps you find the driving distance between cities and figure out your reimbursement using the latest irs standard mileage rate of 67¢ as of january 1, 2024.