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.

This is Part 3 of a series of 3 articles.  In Part 1 we started by discussing the common measurements of inflation and introduced some of the major causes of inflation.  In Part 2, we discussed monetary and fiscal policies that are affecting inflation.  In Part 3, we will discuss strategies that we can use to help alleviate some of the pains from rising prices.

Your clients may wish to understand how poised their investments are for success in the short term, and that may involve a discussion about the competitiveness and the growth of the Canadian economy.  How competitive is Canada and why is that important as a recession looms in 2023?   

Last week Distinguished Delegates at DAC 2022 were asked to get out of their comfort zones and make new, big goals to embrace what will be a difficult 2023. One thing that stood out to us: Many delegates see this time of high inflation and high anxiety as an opportunity.  It’s a perfect time to add value in all areas: accounting, tax, bookkeeping and financial services. Here’s a recap of the wisdoms:

We are going to feature an ongoing series highlighting certain courses that professionals will find valuable.  For the next couple of weeks we are going to spotlight professional certificate courses that are directly related to Year-End Tax Planning.  This week’s course is Tax Planning for Corporate Owner-Managers. 

Have you ever wished that you could spend your lunch hour learning about a specific planning concept right when you need to know it? 

CRA is introducing a new form for tax filing season 2022, which will make the application of a repayment of COVID-19 benefits easier. The repayment can be claimed as a deduction, which will generate a refund.