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.Recently Retired? Tax Filing Can Be Complicated
Recently retired? There are many new provisions on the tax return that could apply to couples for the first time, so filing early and with qualified professional help can be important. How you treat private pension income and Old Age Security benefits, for example, can have many positive tax outcomes.
Knowledge Bureau Designate Highlight: Marlene Donaldson
Marlene Donaldson from Port Elgin, Ontario recently completed the T1 Professional Tax Preparation – Advanced course and believe her goals were met in taking the course.
New! Check out our New Designation Brochures and 2015 Course Catalogue
The 2015-2016 Knowledge Bureau Course Catalogue is now online.
Foreign Income Verification Reporting – Form T1135 (Part 3)
This is the final instalment of a three-part series on Foreign Income Verification.
CPP – Now or Later? (Part 2)
Last week in Part 1 of CPP - Now or Later, we discussed that one of the more difficult decisions for those approaching retirement is when to start receiving their CPP retirement pension.
False Statements on Tax Returns Leads to Fine, Jail Time
According to an article posted on the Canadian Revenue Agency (CRA) website, an Ottawa woman was recently sentenced to 30 days house arrest and ordered to pay a fine of $47,789 due to false statements made on her income tax return.
