News Room

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.

Capital Gains Exemption on Small Business Shares Increases

Indexation has increased the capital gains exemption available on the sale of qualified small business shares in 2017 by an additional $11,540, to $835,716. The capital gains exemption on the sale of qualified farm or fishing property remains at $1,000,000.

Moving Soon? Keep Receipts for a Lucrative Deduction

If December is moving month for you, three pieces of advice: tax a deep breath, treat yourself to some extra eggnog, and keep those moving expense receipts handy. They will be worth a lot of money when you file your tax return.

November’s Poll: Beware of Increased CRA Scrutiny on Sale of Principal Residences

Knowledge Bureau’s November poll was a no-doubter. An overwhelming majority of 87% answered yes to the question: “Do you agree that the new reporting changes for 2016 will result in significant audit activity on the disposition of principal residences?”

Get Ready for Tax Season as a DFA- Tax Services Specialist™

There is a growing demand for qualified tax specialists in the financial services sector. Knowledge Bureau’s DFA- Tax Services Specialist program™ will allow you to tap into this profitable career path and build your own professional practice. All it takes is six in-depth courses (180 hours) to earn your DFA-Tax Services Specialist™ designation, and you can get started immediately.

The January Advanced Personal Tax Update Workshop is Coming Soon across Canada

Knowledge Bureau’s Annual Personal Tax Bootcamp is coming soon: in six cities across Canada: January 17-25, 2017. Registrants are urged to reserve their spots early as seating is limited, and to take advantage of early-bird tuition reductions until January 10.