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.

When the Canada Revenue Agency (CRA) errs, can they correct, reassess and require payment even if this is unfair? Apparently yes, based on a recent court case.

Canada is devastated at the loss of its great Finance Minister, Jim Flaherty, who few would argue was a truly wonderful soul.

Many people have taken advantage of the real estate market drop in the U.S. and have purchased U.S. real estate for personal use or as a rental property, but many do so not realizing what owning this kind of property means from a tax perspective.

Child care expenses are claimable on form T778 by Canadian residents for services provided by any of the following in Canada (although deemed residents may qualify as well).

If you are disabled and incur expenses of an attendant or other disability supports purchased to enable you to earn employment or self-employment income or to pursue education, then you can claim the costs of disability supports on Line 215 so long as the expenses were not reimbursed.

Knowledge Bureau's faculty and authors have been busy in the media this week!