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 RRSP is the most versatile vehicle available for tax planning for most Canadians although it is often poorly utilized. The RRSP Savings Calculator provides quick answers about the potential tax savings that can be obtained through an RRSP contribution as well as the consequences of borrowing to make that contribution.

On June 12, 2013, the Federal Court of Appeal released its decision in Canada v. Guindon (2013 FCA 153). The issue to be determined was whether advisor penalties levied under Section 163.2 of the Income Tax Act (the “Act”) created an “offence” within the purview of Section 11 of the Canadian Charter of Rights and Freedoms (the “Charter”).

On June 20, the Honourable Ted Menzies, Minister of State, Finance, announced that the selection process for the first Financial Literacy Leader of Canada was officially underway.

On June 22, the Canada Revenue Agency (CRA) announced that taxpayers who have been affected by the recent flooding in the Calgary area would have access to the taxpayer relief provisions, if they were unable to meet their tax obligations on time.

Wondering if we’ll ever get summer this year? Here’s something to ponder if you’re stuck at the cottage in the rain. . .the six laws of a long and happy life.

Avoid owing more than $2,999 at your balance due date. Here's why...