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.

Prepare consistently accurate T1 personal tax returns and skillfully achieve double-digit returns in your plans for Real Wealth Management™ with your clients. Enrol in T1 Professional Tax Preparation – Basic and be on your way to earning your DFA-Tax Services Specialist™ designation.

The Income Tax Estimator is a simple, one-page calculator that will help you quickly and accurately determine the total income, net income, taxable income, non-refundable credits, and taxes payable for either a single taxpayer or a couple. Federal GST/HST Credits and Child Tax Benefit amounts are also estimated.

Limited spots are still available for the Personal Tax Bootcamp, starting in Winnipeg tomorrow. Earn up to 30 CE/CPD credits by attending the workshop and completing the Intermediate Tax Preparation post-session course. Call 1-866-953-4769 now to register.

The Canada Revenue Agency (CRA) may be stymied by the billions in unreported income flourishing in the underground economy, yet over 3000 full time staff members will soon be cut, according to information obtained by Postmedia News under access to information legislation.

In a recent decision of the Tax Court of Canada (TCC), the honourable Justice Hogan had to decide if a promise to purchase land, as well as the related deposit, constituted a single supply or multiple supplies for GST/HST purposes within the meaning of the Excise Tax Act (the ETA).

Happy New Year!  If you want to get a “jump start” on your financial fitness this year, get busy and use the current cold snap to sort tax receipts and speed up your tax refund.