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.

CRA cracking down on questionable charity activities and schemes.

Knowing your residency status and tax filing obligations can save you from expensive penalties.

Taxing legal services does not interfere with the Charter of Rights and Freedoms.

The eligibility of gifts to foreign charities have expanded in 2013.

Fraud in the marketplace in an unfortunate reality. Protect your clients' real weath by being diligent in mitigating negative factors.

RSP contributions are a great way to save for your retirement, but the trick is to use them correctly. Kevin Gebert, MFA designate and financial advisor, weighs in with his opinion.