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.DAC: Only 5 More Days to Catch the Early Bird
Ensure you register by June 30 to save $550 on registration fees. Don’t miss the opportunity of an incomparable educational experience November 9-12 in the beautiful Texas Hills as you gain perspective and insight from outstanding thought leaders in the tax and wealth advisory industries.
Housing Risk Tops Bank of Canada Concerns
In the semi-annual Financial System Review (FSR), the Bank of Canada recently released an enhanced framework for gauging the risks to financial stability.
Third Quarter Interest Rates and PLOI
On June 12, 2014 CRA announced the prescribed interest rates for the 3rd quarter of 2014 (July to September) will remain unchanged from the 2nd quarter.
The Folly of Feeble Tax Appeals
A recent decision of the Tax Court of Canada serves as a caution to taxpayers who appeal their reassessments on feeble or fabricated grounds: parties who do so may face costly consequences.
Evelyn Jacks: Illness is Expensive; Tax Savings Can Help
One of the most common yet most missed provisions on the personal tax return is medical expenses, and in an aging demographic, they are more prevalent.
Relationship Breakdown: Claiming Non-Refundable Tax Credits
After a relationship breakdown, there are some general rules on who claims in sole or joint custody cases.
