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.Scholarships, Bursaries and Fellowships May Not Be Taxable
Great news! Students who win awards to go to school now qualify for full tax exemptions, if they qualify for the full-time education amount.
Audit Defence - Documenting the Client Experience
Stand up with professionalism to potential legal challenges from CRA or other family stakeholders. Register by May 15 for early bird rates.
Snowbirds: Tax Residency Under Scrutiny at Border
Starting July 1, 2014, Canada and U.S. border authorities will now scan your passport when you enter and exit their country to determine how long a person has actually been out of their country of residence in a given year.
Immigration Trusts
The February 11, 2014 federal budget has proposed to eliminate tax benefits of many estates and trusts; one of which is the immigration trust.
Adjusting Prior Filed Returns? Be Honest
Morton v. The Queen (2014) TCC 72. The Tax Court of Canada recently released reasons for judgment in a case regarding the imposition of penalties following the expiration of the normal reassessment periods.
Evelyn Jacks: Canadians Can Control Wealth Erosion In Uncertain Times
It’s difficult to think pessimistically about the great news released mid-March about our national net worth: it increased by 2.7% to $7.7 trillion in the last quarter of 2013, following a 2.5% gain in the third quarter.
