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.

Are you wealthy? How do you measure your answer? Many people don’t believe that word belongs to their situation until they sit down and actually map out their personal and family net worth – total assets less total debt. But wealth has a lot to do with your state of mind around financial decisions.

Canada announced in its 2013 federal budget that international tax evasion was at the top of the list of concerns for our nation and that capturing revenue from such sources would help alleviate the tax burdens on other citizens.

This is the first year I am required to withdraw some money from my RRIF account. However, that amount along with CPP and OAS will bump me up to almost $90K. I am probably not eligible to contribute to my spouse's RRSP, so are there any other ways to reduce my tax burden to CRA? 

Professional tax advisors should now be familiar with new EFILE procedures for 2014, which will begin on February 10, 2014. 

December 15 is just around the corner and that’s the time seniors and others who do not have tax deducted at source make their final quarterly tax instalment remittances.

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