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.

In 2004, an Albertan insurance company, La Souveraine, duly registered with the Autorité des marchés financiers (AMF), issued a master policy on recreational vehicles at dealerships all over Canada, including 56 located in Quebec. La Souveraine then retained the services of a Winnipeg based broker that was not registered with the AMF.

Can you please walk me through how I would calculate the adjusted cost base and capital gain in the following scenario...

A new type of private pension plan is available in federal workplaces this year and some workplaces in the Yukon, Nunavut, and Northwest Territories: the Pooled Retirement Pension Plan (PRPP).

Employees may be presented with an opportunity to purchase shares in the employer’s corporation at some future date, but at a price set at the time the option was granted. This is known as the exercise price.

Knowledge Bureau has 14 online tax calculators that can help you and your clients with last minute tax and retirement planning for 2013. Get the answers needed to make sound year-end financial decisions. Try them today risk-free!

Build your tax acumen and ability to produce accurate tax returns for your clients this tax season. Enrol you and your team today for Personal Tax Bootcamp and ensure your entire staff is in tip-top shape. Last chance to register is January 6!