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.

New rules pertaining to prepaid credit cards took effect on May 1. Finance Minister Joe Oliver held a press conference on April 30 in Ottawa to introduce the new measures that were designed to protect Canadian consumers.

As per subsection 118.1(3) of the Income Tax Act (the Act), an individual may claim a tax credit with respect to a gift made to a registered charity. The amount of the tax credit is determined by the amount of the gift.

Details for a new Ontario Retirement Pension Plan (ORPP) were included in the May 1 Ontario budget and have become an election issue there. Some disagree that the plan is necessary; others are concerned about the immediate economic costs.

Doug Nelson is author of the newly released Master Your Retirement and discusses the "laws" of retirement planning.

When a non-resident, non-U.S. citizen individual goes to the U.S. to work and live temporarily, after their term is almost up and they are contemplating staying in the U.S., many wonder if they should be applying for a U.S. green card rather than renewing their temporary work visa; however, most of the time they don't realize what it means to apply for and obtain a U.S. green card.

Your marginal tax rate is linked to your tax bracket and analyzes how much you’ll pay on the next dollar you earn from various income sources. This is an important concept too—not all income sources are taxed alike.