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 Atlantic Investment Tax Credit provides a 10% refundable tax credits for certain investments in new buildings, machinery and equipment used in the Atlantic region and the Gaspé Peninsula, in farming, fishing, logging, manufacturing and processing, oil & gas, and mining industries.

Canada has one of the largest networks of bilateral tax treaties in the world. In Canada, the Government signs treaties with other nations, but Parliament must enact the laws to make the rules within them enforceable.

A guest column by Dr. Michael Graham, Ph.D.  whose career has spanned 50 years, leading research and investment strategy at Wood Gundy, Dominion Securities Ames/Pitfield, Merrill Lynch Canada, Midland Walwyn, and now his own investment counselling firm Michael Graham Investment Services Inc. through which he writes about Canada’s potential as an exceptional worldwide place for investment.

If you receive a T4 slip you forgot about after you have filed your tax return, don’t file another return. Just send in a copy of the slip with a T1 Adjustment Request from (T1ADJ).

Despite the busyness of tax season, Knowledge Bureau Newsbooks took some time to celebrate Evelyn Jacks' bestselling 49th and 50th books with the home crowd in Winnipeg!

Tax mistakes? Brush your team up with the Personal Tax Refresher Workbook for 2012 returns. This 236-page Personal Tax Refresher workbook is a powerful resource, providing you with everything you need to know about what's new for the upcoming tax season and is an invaluable line-by-line guide. Order by Mar. 18 and receive $100 off!