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.

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According to a July 23 publication by the Fraser Institute, we are getting poorer here in Canada and the prospects for economic growth are looking grim.  This should be of concern to every Canadian concerned about their “real income” – that’s their purchasing power – and by extension - their ability to fund consumption now and for important family milestones in the future:  retirements, education and homeownership.  It’s grim, but there are practical suggestions for a turn around plan. Here’s a synopsis of the report.   

It’s surprising how difficult and frustrating it can be for taxpayers to navigate their digital relationship with CRA.  Figuring out how to make payments to CRA at the local bank without the right remittance forms can be a major obstacle. So can setting up My Account; a requirement to engage you and set up Represent a Client authorizations.   Providing assistance with this is an important way to win the trust of a potential new “client for life”, especially when multiple accounts and filing requirements are involved.   Consider the following:

Did you know that as of  June 20, 2024, some psychotherapists and counselling therapists practicing are no longer required to collect the GST/HST on their services? Now, their GST/HST accounts may need to be closed.   Here is what you need to know:

KBR will not be publishing next week as we take a mid summer break but that doesn’t mean that Knowledge Bureau doesn’t have great mid-summer tuition offers for you!  Here’s a rundown – act by July 30.

This stand alone certificate course perfect for those with no prior tax or financial services experience and recommended precursor to the full DMA™ Vocational Certificate, Diploma or Designation Program. Build confidence in yourself and your team members: the program takes about 20 hours, learn to prepare 24 case studies on professional tax software. Every newcomer to the tax and financial services will benefit from this education! Pre-register now. Canada’s Income Tax Fundamentals Course™ will be available September 10 and you can take advantage of this pre-sale offer!