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.

The CRA has new teeth: new Section 237.3, Reportable Transactions, may in fact, give the Canada Revenue Agency (“CRA”) a real advantage if transactions that seek to avoid taxation fall foul of pre-disclosure rules. 

CRA continues to help Canadians use more electronic services.

Filing a tax return is about what you keep. So is the pre-payment of income taxes throughout the year. This month that’s an important concept as the September 15 quarterly tax instalment payment is due on Monday, September 16.

Richard (Rick) Atkinson, founder and president of RA Retirement Advisors, discusses some key factors to consider when deciding the best time to retire in his recent article in the Summer 2013 issue of the CSA Journal.

Just had the $1 million idea? Innovators have some interesting rules to contend with when it comes to their taxes—sometimes the last thing on their mind when the Eureka moment happens!

You may not be able to contribute to your own RRSP, depending on how much was contributed to your RPP.