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Does the Income Tax Act restrict the cost of a car or lease?

April 26, 2017ACT car COST lease Restrict

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Does the Income Tax Act restrict the cost of a car or lease?

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A.Yes! The cost limits on vehicles in 2008 are: • The maximum cost of a vehicle is $30,000, plus net GST and PST. • The maximum lease payment is $800 per month, plus GST and PST. This is reduced for vehicles with retail values over $30,000. • The maximum interest charge is $300 per month. Q.