2024 Bonus Depreciation Rules Canada. Under the new proposed rules, if a taxpayer itself manufactures, constructs, or produces property for use in its trade or business or for its production of income, the additional first year depreciation deduction is allowed if the taxpayer begins manufacturing, constructing or producing the property after september 27, 2017, assuming all the oth. For vehicles under 6,000 pounds in the tax year 2023, section 179 allows for a maximum deduction of $12,200 and bonus depreciation allows for a maximum of $8,000, for a total maximum deduction on listed property of $20,200.
The cca rate for this class is 30% but a higher deduction (up to a maximum of 100%) may apply for certain eligible vehicles acquired after march 18, 2019, and before january 1, 2028 (phase out starting in 2024). Changes through new legislation have been proposed in congress to reinstate the provision of the favorable bonus depreciation rules but are unlikely to pass prior to the presidential election.