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.Summer Learning: Cross Border Taxation
Take some time this summer to sharpen your cross border tax knowledge and become prepared to advise affluent baby boomers on how certain actions they pursue on both sides of the border will affect their tax situation. Try a free trial today!
Assess Your Financial Spending and Savings Decisions to Meet Goals
The Financial Assessment Calculator links your client’s trigger questions about life events, financial events, and economic events with changes needed to get the financial results needed now and in the future. See it in action with the following what-if-scenario and then try it for yourself, risk-free!
Consultation to Eliminate Graduate Rate Taxation of Trusts and Estates Ends December 2
Budget 2013 included an announcement that the government would be looking into measures to improve the integrity of Canada’s tax system relating to testamentary trusts.
Bill C-60: Expert Witnesses to Testify Together?
Bill C-60 proposes to implement certain provisions of the March 21, 2013 federal budget; among these, proposed legislative amendments that pertain to the audit process in the Income Tax Act, and provisions in the Tax Court of Canada Rules. Discussed below in the last of a four-part series are changes to the Expert Witness rules.
Disability Awareness: Tapping Into the CPP Disability Benefits
Last week we launched our five-part Disability Awareness series discussing tax relief for those who have become disabled and their caregivers. In this second part, we talk about income supports that are available. These articles are excerpted from Jacks on Tax, by Evelyn Jacks.
Evelyn Jacks: Part 2 – Deducting Interest in Special Circumstances
According to Statistics Canada there were 2.3 million businesses in Canada as of June 2009, with 57% of all business establishments located in Ontario and Quebec.
