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.

Did you just drop a bundle on school supplies and performance-enhancing running shoes? Parental peer pressure from the mini-mes can be daunting this time of the year, especially if Mandarin lessons, dance, and hockey all appear on the agenda.

Last week Knowledge Bureau Report told you about Michel Bouchard (the “Appellant”) established a partnership known as the Tennis Mania Limited Partnership (“the Partnership”) in order to generate funding to support his daughter’s tennis development. At just 9 years of age, the Appellant was confident that his daughter was talented enough to make a career out of playing tennis. What did the Tax Court of Canada think of the arrangement?

As part of its ongoing efforts to improve electronic filing processes, the Canada Revenue Agency (CRA) is pleased to announce the extension of the electronic filing season for 2012 T1 tax returns.

What are the tax consequences when you sell your home, a personal use property, for a loss or make a bundle on grandma’s antique silver goblets, a listed personal use property? Here are the rules.

A follow-up on excellence at CRA. MFA, DFA-Tax Services Specialist, Alan Rowell, reporting.

If you haven’t yet read Malcolm Gladwell’s Outliers: The Story of Success, we highly recommend it. In it you’ll learn about the magic number for greatness: 10,000 hours of hard practice.