New Mega Deduction a Good Start, But More Tax Reforms Are Needed
The Federal government has unveiled a Productivity Mega Deduction, which will provide immediate expensing under Capital Cost Allowance (CCA) provisions for a broad range of depreciable property, importantly on a permanent basis, for acquisitions on or after September 15, 2026. Check out the noteworthy exclusions are listed below. This tax reform is a good start, but much more needs to be done, especially for small business owners and average taxpayers to make Canada truly competitive across our tax base.Thought Leadership: A Secure Retirement for Seniors?
Running out of money or the inability to maintain a desired standard of living is a very familiar concern for most Canadians. It’s an issue that needs to be addressed, not only by the government, but also by wealth planners who have an opportunity to work with senior clients in overcoming the obstacles they face.
CRA Extends Filing Relief to Flood Victims in Eastern Canada
April 30 was the filing deadline for most Canadians who wish to avoid penalties and interest on outstanding taxes due starting on May 1. But the CRA has extended tax filing relief to the victims of the devastating floods in Eastern Canada. Knowledge Bureau students will also be granted extensions on their studies. Here is what to do to obtain relief:
April Poll Results: Tax Pros Unhappy with Proposed EI Changes
Knowledge Bureau’s April poll asked tax professionals whether they think it’s fair that EI contribution amounts will go up for both taxpayers and businesses to fund the Canada Training Benefit proposed in Budget 2019. It’s a topic that proved to be controversial, but you’ll have to read on to learn whether the majority were for or against this EI enhancement.
Claiming Office Expenses: Proprietorship vs Employed Tax Guidelines
With the April 30 deadline for individuals now a thing of the past, it’s time to focus on getting those proprietorship returns filed! The deadline to avoid late filing penalties is Monday, June 17 this year, but it’s a good idea to get those returns in sooner. Here’s why:
Check it Out: Knowledge Bureau Has a New Website!
We’re excited to announce that Knowledge Bureau’s website has a new look and feel. It’s designed to help you better discover your educational pathway as an individual student, or as a business looking for corporate solutions. Here’s an outline of what’s new and what’s changed. Visit today and check it out!
Why Should You Attend the Vantage Breakfast Series?
Join us on Thursday, May 9, 2019 from 7:30-9:00 a.m. for the inaugural event in the Vantage Breakfast Series taking place in Toronto, Ontario. Hear four outstanding speakers and earn CE Credits, too . Here’s why IIAC and Knowledge Bureau have collaborated to bring this series to you:
