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.

It appears unlikely that investors who have already maximized their TFSA contribution room to $10,000 in 2015 will be asked to remove the extra $4500, should the new government make good on their pledge to repeal the $10,000 maximum contribution in favor of a $5500 annual amount.

We are very happy and relieved to provide you with this update on DAC 2015 in Puerto Vallarta: the Westin Resort and Spa has reported there are no damages; staff have returned as well, reporting no damages to their homes; and everything appears to be operating as normal—including the sunshine—after the tremendous scare from Hurricane Patricia on Friday.

Chenine Humphrey, owner of Paper Trail Bookkeeping and Business Centre, is on the move! In the process of moving her existing bookkeeping practice to a commercial location where she will be launching an innovative new service to help bookkeepers.

There is still time to register for the Fall Distinguished Advisor Workshop (DAW) October 29 in Calgary and November 2 in Toronto. Be the first in your professional community to interpret the changes anticipated under the new Liberal government and reference the 2016 indexation in true-to-life scenarios.

The new Liberal government outlined several significant tax changes in their election platform. If they make good on those election promises in tax year 2016 and beyond, millions of Canadians will be affected financially; some will be winners and some will be losers.

The family’s tax returns are a great place to look for year-end planning opportunities that will create new money for that Christmas vacation or will help to pay off those credit cards come January. But the time to focus on this process is before the snow flies.