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.

Statistics show that only 30 per cent of businesses are transitioned to the next generation. However, we’re entering a time when family businesses are going to play a much more integral role in economic growth and development. Why is this, and what does that mean for advisors and tax professionals?

Delegates attending the Distinguished Advisor Conference in Kelowna from November 5-8 will be treated with the opportunity to hear 18 illustrious speakers, including two cutting-edge digital innovation experts, renowned tax experts and leading insurance and investment specialists. They will also be treated to performances by three incredible Canadian entertainers at the DAC150 Gala.

On October 24, 2017, Finance Canada issued the Fall Economic Statement, which forecasts better-than-expected economic growth, at least in the shorter term.  The resulting increase in tax revenues have blessed the department with new funds for spending priorities; notably to help families with children and the working poor.

Audit-proofing strategies must be implemented by tax professionals and their diabetic clients receiving disability tax credits in light of the CRA’s new interpretation of the rules.

The latest numbers from Statistics Canada report a decrease in the number of regular Employment Insurance (EI) beneficiaries, supporting the overall strength of the Canadian economy, reported yesterday by the Finance Minister.

The federal government has recently back-tracked on their plan to limit access to the capital gains deduction available to shareholders in a family business corporation, and that’s a very good thing, as the proposals would have cost family businesses a lot of money.