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.

The Supreme Court of British Columbia recently ruled that a bankrupt’s contingent entitlement to trust funds was property that vested with the trustee in bankruptcy as part of the bankrupts' estate.

Find out about this and more at the 2015 Distinguished Advisor Conference (DAC).  

Substantial tax reform has recently changed the rules for post-death planning for high net worth families.  

New Liskeard, Ontario’s Collette Maurice recently completed the T1 Professional Tax Preparation – Basic course to obtain a better understanding on completing basic tax returns.

Controversy has erupted in the news this week over the potential lost government revenues 50 years from now, due to the prospect of doubling of Tax Free Savings Account (TFSA) limits in the future. 

Never under-estimate the blinding power of new love or the obligations to a scorned ex-wife. . .even after death.