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.

Studying abroad can be an exciting opportunity for any Canadian, but it can complicate matters when it comes to reporting taxes.

Retirement income planning begins with the first dollar you save. That’s way RRSP season is important to young people, even though retirement seems too far away to worry about. But you should think about what lifestyle you are saving for and for how long your money needs to last between now and March 1, the RRSP tax filing deadline. 

No, different income sources attract different marginal tax rates.

Edwards v. The Queen.  A recent decision from the Federal Court of Appeal, Edwards v. The Queen (2012 FCA 330), contains interesting dicta regarding the Canada Revenue Agency’s (CRA) administration of proposed legislation in the last decade or so, with the presiding Justice JA John M. Evans declaring it “fundamentally unfair.” 

You can have zero income and pay zero taxes but still receive refundable tax credits in Canada—simply by filing a tax return. But because many of these credits are based on “family” rather than “individual” net income, you and your spouse need to file tax returns together. 

This week: 10 neat things about plant senses.