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.

This is the burning question for many baby boomers contemplating retirement. After many years of saving for retirement is it safe to retire?

Taxpayers and their advisors have one more tax filing deadline to add to their list this year: Form RC312 must be filed before October 23, 2013 in some cases, so mark your calendars.

It was boomers bashing the kids in last month’s Knowledge Bureau Poll which asked, “Are today’s small businesses and their workforces prepared to grow and meet changing demands while trying to fill the knowledge and experience gaps left as baby boomers retire over the next 5 years?” 

The Provincial Court of British Columbia heard an interesting defence to allegations of tax evasion faced by a father and son in Nanaimo, British Columbia recently.

Last week I shared some tax tips that will help you as you plan your children's activity agendas for the year. This week I provide some tips on claiming credits for others expenses such as child care, medical, and transportation as well as how to recover refunds or missed claims.

Back in 1980, unanimously, and without much debate at all, Parliament enacted Section 347 of the Criminal Code with the objective of combating “loan sharks”.