Gas prices. | GTAMotorcycle.com

Gas prices.

N

nobbie48

Well-known member
Site Supporter
For a cage it could be approaching $0.20 a Km plus tolls if the 407 is your highway. Throw in depreciation, insurance, maintenance and a drive in the country to that quaint inn could mean the drive costs more than the meal.

$1.85 / L yesterday.

When I had my airplane we used to talk about $50 hamburgers when the fuel was figured in. Now that's the car.

The last time I asked my accountant about fair mileage reimbursement for using one's own car he gave figures around $0.50 a Km. If the carbon tax kicks in as planned that will be driving at a loss.

Some PCW's weren't getting the $0.50 with the employer saying "Since you have the car already depreciation was going to happen anyway. You get gas money."
 
Are big pick up truck sales still strong as an ox?
 
nobbie48 said:
For a cage it could be approaching $0.20 a Km plus tolls if the 407 is your highway. Throw in depreciation, insurance, maintenance and a drive in the country to that quaint inn could mean the drive costs more than the meal.

$1.85 / L yesterday.

When I had my airplane we used to talk about $50 hamburgers when the fuel was figured in. Now that's the car.

The last time I asked my accountant about fair mileage reimbursement for using one's own car he gave figures around $0.50 a Km. If the carbon tax kicks in as planned that will be driving at a loss.

Some PCW's weren't getting the $0.50 with the employer saying "Since you have the car already depreciation was going to happen anyway. You get gas money."
Click to expand...
My wifes old employer dropped the mileage rate when fuel prices went down. When fuel prices went up again, they didn't raise the rate again.

CRA allowable rates are below. If you are compensated above that it is a taxable benefit. No idea what the rates will look like for 2022. Since government has dug in their heels and continues to pretend that inflation is less than half the real number, they can't afford to increase it much.

"The CRA mileage rate for 2021 is 59¢ per kilometre for the first 5,000 kilometres driven; 53¢ per kilometre above that "

Edit:
2022 rates are only slightly higher as expected.

The automobile allowance rates for 2022 are:

  • 61¢ per kilometre for the first 5,000 kilometres driven
  • 55¢ per kilometre driven after that
 
Last edited:
The market is taking some big shocks. I don't see it dropping below $1 but once things catch up the $1.40 ish range will be back. That is my prediction.

Right now it is going up as production was scaled back (aftermath of the Russian-Saudi price war) and COVID lower demand, the increase in production was slow to come. Then the Ukraine war. More upward shocks. Russia will not be back in the main pool for a long time but others will start to cash in with production increases or just playing nicer to get back in the pool.
 
0m0qUT.gif
 
We pay .55 and its on you to drive a moped or a V10 jag .
We used to be image conscience and make you drive a "fresher" looking vehicle , now nobody cares what you drive. At .55 it will cover your fuel/ deprec/ins ect at this point, but your wont turn a profit by driving unneccesary Kms and billing it.
 
crankcall said:
We pay .55 and its on you to drive a moped or a V10 jag .
We used to be image conscience and make you drive a "fresher" looking vehicle , now nobody cares what you drive. At .55 it will cover your fuel/ deprec/ins ect at this point, but your wont turn a profit by driving unneccesary Kms and billing it.
Click to expand...
Thanks for not being a dick. Lots of companies are still paying 0.3x or 0.4x and that is a loser unless you have a moped.
 
GreyGhost said:
My wifes old employer dropped the mileage rate when fuel prices went down. When fuel prices went up again, they didn't raise the rate again.

CRA allowable rates are below. If you are compensated above that it is a taxable benefit. No idea what the rates will look like for 2022. Since government has dug in their heels and continues to pretend that inflation is less than half the real number, they can't afford to increase it much.

"The CRA mileage rate for 2021 is 59¢ per kilometre for the first 5,000 kilometres driven; 53¢ per kilometre above that "

Edit:
2022 rates are only slightly higher as expected.

The automobile allowance rates for 2022 are:

  • 61¢ per kilometre for the first 5,000 kilometres driven
  • 55¢ per kilometre driven after that
Click to expand...
On the advice of my tax guy, i have been paying myself 61c per km for the last 8 years.
 
mimico_polak said:
well it's 10c/km....but (thousands of kms) x (number of Georges) = I can see why they're hesitant to increase it.
Click to expand...
If it's over 0.61 it could cause issues with CRA. 55 is the simple safe path for an employer that doesn't want to have to track kilometres (as there is no change after 5000) but wants to be in the ballpark of cost recovery.
 
.55 is the CTRA rate after 5,000 as said above, but it is also on the INDIVIDUAL to be able to produce logs ect if ever audited, its not your employers problem.
Your employer can pay you above the rate , claim whatever, but be assured the CRA will come looking and its going to be an audit, and its 99% of the time going to be considered part of your salary. which is why CRA sets the rate at .55 . Best to have a compelling story, and then pay the fines anyway.....
 
You must log in or register to reply here.

Back
Top Bottom