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.

Increases to tax bracket thresholds, amounts relating to non-refundable credits, and most other amounts will take effect on January 1, 2014 based on an indexation increase of 0.9%, CRA has announced.

The Canada Revenue Agency (CRA) recently released an article titled “What You Should Know About Digital Currency”.

The income tax treaty that was first signed on November 11, 2012 between Hong Kong and Canada (the Treaty) was officially ratified and declared in force as of October 29, 2013.

Can employed and self-employed people claim the same expenses for home offices at tax time? The answer is no. Whether you are employed or self-employed matters; the following checklist can help you determine where your deductions fit.

Microsoft Canada had been illegally overcharging for its Intel-compatible PC operating systems and software since 1988. This was claimed in a class action lawsuit against Microsoft Corporation, Microsoft Canada Co. and the Attorney General of Canada (Intervener), by Pro-Sys Consultants Ltd. and Neil Godfrey at the Supreme Court of Canada.

On November 13th, the Honourable Jim Flaherty, Minister of Finance, issued a positive affirmation of Canada’s credit rating.