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.

Year end tax planning for corporate-owner managers includes decision-making around the most tax efficient income streams - salary, dividends or bonus - for each shareholder in the family.

The Research Department at Credit Suisse has released its Global Wealth Report 2014, which measures trends in wealth across the world. Its key findings are that although economic recovery overall remains challenging, total global wealth has grown to a new record between mid-2013 and mid-2014, increasing to more than twice the USD level recorded in the year 2000.

Speaking this week at the Toronto Global Forum, Minister of State (Finance) Kevin Sorenson has called for renewed efforts in strengthening the global economic recovery from what the International Monetary Fund (IMF) Managing Director Christine Lagarde calls “the new mediocre.”  

Winnipeg, MB; October 27, 2014 — November is Financial Literacy Month in Canada, and the Manitoba Financial Literacy Forum is helping Manitobans sharpen their money management skills with the launch of its new website and 2015 calendar, offering helpful tools and lessons to empower people across the province to make responsible financial decisions at every stage of their lives.

On October 20, 2014 CRA launched the long anticipated electronic mail system for professional tax specialists registered under the Represent a Client portal.

In a move towards eliminating paper cheques, businesses in Canada are now being asked to complete two functions through the Represent a Client portal. Businesses will now have the option of both pre-authorized debit and direct deposit for their dealings with CRA.