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.

Laramie Tan-Amit Developed Her Competitive Edge as DFA – Tax Services Specialist:

“As we look back and move forward, we would all be advised to remember that pride goes before the fall.” Former Bank of Canada Governor, Mark Carney in Geneva, 2010

Because employers are generally required to pay for the premises, assets and supplies used up by their employees in performing their duties, the employees themselves have few out-of-pocket costs to claim on the tax return. In some cases, the employee will have expenditures, but to claim them, very specific procedures must be followed.

For many taxpayers, the end of February marks the deadline for the annual ritual of contributing to their RRSP.  This year the contribution deadline for 2016 is March 1, 2017.  But is this last-minute rush to contribute the best course of action?

Retirement is one of life’s most exciting times: a time for exploration, shift in focus and demand for new knowledge and skills. For most clients, it is new territory and as a caring advisor it’s a wonderful opportunity to ‘ride shotgun’.

There are only a few days left to enter this month’s skill-testing financial trivia question to win a free registration to the DAC in Kelowna, where this year’s theme will be:  Financial Advice at the Crossroads of Change.