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.

On August 29, the Department of Finance released draft legislative proposals that would implement various tax measures introduced in the February 11, 2014 budget as well as other measures including the modernization of life insurance policy exemption tests.

The draft tax legislation released late in August changes the rules regarding the taxation of the income earned on the savings in a life insurance policy.

Approximately 98% of Canadian business are considered to be “small to medium” sized, and CRA is hoping that personal visits with these enterprises can help to cut red tape, errors, and omissions for an overall smoother, penalty-free relationship with the tax man. 

If you have ever wanted to be a hero, consider the gratitude that comes from helping business owners understand how to steer clear of trouble on a tax audit or making sure seniors don’t overpay their September 15 or December 15 quarterly tax instalment. 

Many boomers are now in the fortunate position of dealing with the complexities of excess.

It makes a difference. Your clients might be undersaving – or oversaving at the expense of their peace of mind. This must-attend live workshop will provide you with the best tools to preserve, grow, and transition wealth tax-efficiently for your clients and to the next generation. Earn up to 30 CE/CPD credits!