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.Weigh In: Is Tax Relief the Right Answer for the Times?
Business owners are struggling and despite the announcement of a new loan program yesterday, is more indebtedness the help that business owners really want at this time?
Free Event! Feb 3, Meeting of the Minds with the Society of RWM™
Join the Society of Real Wealth Managers™ on February 3rd at 11:30 EST to discuss how to interact and adapt to challenges working with your clients and other financial professionals. The focus is on how to overcome the technical, ethical, moral and legal issues that can arise when multiple advisors are involved.
DAC at a Glance
The 2020 Distinguished Advisor Conference set a high standard for virtual conferences with a unique blend of information, education, inspiration and recreation. We are working hard to bring DAC back to a live format, October 17-19 in Niagara Falls*, with a great mix of networking activities to celebrate – together! If you register by the February 15 early-bird deadline, you can save $400 on tuition, too! Take a peek at what we’ve got in store for you so far:
Surprise Reporting Requirements: CEBA Loan Forgiveness
Hundreds of advisors from coast to coast were caught off guard at Knowledge Bureau’s January 20 CE Summit with the news that the forgivable portion of the CEBA loan is taxable when the loan is received.
Taxation of Employer-Provided Benefits to Change in 2021
The pandemic has wreaked havoc on personal and business lives and continues to do so. Those in the bookkeeping and tax accounting services will need to digest and properly report various pandemic relief provisions including the new detailed information required on new T4 Slips – requirements for all employers, by the way.
TFSA or RRSP?
It’s officially both TFSA and RRSP season. Both plans are a tax-assisted gift to future financial freedom and based on recently released 2018 CRA statistics, Canadians have embraced their TFSA opportunities. What’s particularly encouraging is that it’s a savings plan both Millennials and GenXers have embraced; an important consideration for tax and financial advisors who want to add value to these relationships.
