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.

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DAC 2014 is shaping up to be the best one yet! Don’t miss the opportunity of an incomparable educational experience in the beautiful Texas Hills as you gain perspective and insight from outstanding thought leaders in the tax and wealth advisory industries.

Bill C31, an Act to implement certain provisions of the budget tabled in Parliament on February 11, 2014 and other measures, received Royal Assent on June 19.

Delivering on a promise made in the Economic Action Plan 2014, Finance Minister Joe Oliver announced that the Government of Canada secured voluntary commitments from the country’s eight largest banks to provide low-cost or no-cost bank accounts to low income Canadians by January 15, 2015.

Judges are forced to apply the law as it reads, but fortunately for taxpayers there is sometimes room for interpretation.

Should taxpayers be able to deduct travel expenses to warmer climates as medical expense tax credits (METCs) to alleviate pain and suffering?