Plan For Asset Acquisitions Before Year End

Businesses purchasing new computers and systems software from January 27, 2009 until midnight of January 31, 2011 can claim a 100% capital cost allowance with no half-year rule. These purchases are included in Class 52 of depreciable properties. Now is a good time for advisors and clients to be in contact to review asset acquisition strategies with business owners to benefit from preferred timelines for tax write-offs.

Included in other common year end asset reviews are purchase of vehicles, buildings, furniture and fixtures. Purchases of any of these assets before year end will increase the opportunity for tax savings using capital cost allowances.

Additional Educational Resources: Enrol in Tax Preparation for Proprietors