Kilometrage Rate for Travel (PDAD&C #48)
|From:||Sheila Brown, Chief Financial Officer|
|Date:||March 30, 2016|
|Re:||Kilometrage Rate for Travel (PDAD&C #48)|
The Financial Services Department periodically conducts a review of reimbursement rates to ensure the University adequately reimburses faculty and staff for reasonable amounts while representing the University or traveling on University business.
The current automobile kilometrage rate of $0.47 per kilometre has been in effect since September 2006. The current review included an examination of rates used by other Ontario universities and took into account the Canada Revenue Agency (CRA) maximum tax-exempt allowance rate of $0.54 per kilometre. An examination of Ontario driving costs was also conducted, as provided by the Canadian Automobile Association (CAA), which indicated that the cost of owning and operating a mid-size car in Ontario has increased by 7 cents per kilometre since 2006.
After reviewing the Ontario CAA driving cost analysis, other Ontario university rates, and the CRA tax-exempt allowance rate, the reimbursement rate for University of Toronto employee use of personally-owned vehicles while on approved University business will increase from $0.47 per kilometre to $0.54 per kilometre effective April 1, 2016.