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.

More than half of Canadians are now using professional EFILE services to do their taxes and despite the Heartbleed bug, close to 7 million Canadians used NETFILE to transmit their returns. 

More than 20% of Canadians are or have considered adopting a child in Canada, but 75% of these potential parents are concerned about the cost.

A recent decision from the Saskatchewan Court of Queen’s Bench held that RRSP funds payable to a named beneficiary do not form part of the testator’s (deceased will maker’s) estate.

The interest-free loans Canadians give to their governments keeps rising – it’s up from $1646 in the 2012 tax filing year to $1655 in 2013 – that’s $138 a month that could be going into TFSAs or RRSPs instead.

In order to make a valid will in any province in Canada, the testator (or will maker) must have a sound dispositive mind or testamentary capacity.

Is the gain tax exempt? Solve this case study: Phil and Sylvia have owned their home in the city for 20 years and their cottage at the lake for 10 years in that 20-year period...