Meal deductions restored in Canada - kind of

| Tuesday, March 20, 2007

There's good news and bad news for Canadian truckers when it comes to getting tax deductions for meals.

The good news is that the Canadian government is increasing the deductible limit from 50 percent back to 80 percent like it used to be.

The bad news is that the deductible percentage will be increased each year in 5-percent increments, and won't reach the full 80 percent until 2010.

However, once the deduction is fully restored, it will save many truckers more than $1,300 a year, according to media reports.

 

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