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.Kelowna This Week…Home of DAC 2017. RSVP Today!
The theme of DAC 2017 is Canada 150: Financial Advice at the Crossroads of Change. Plan on enjoying the wisdoms of some of Canada’s most prolific educators, financial leaders, writers and motivational speakers.
Life Purpose
"Accept the challenges so that you can feel the exhilaration of victory." George S. Patton
Millions Suffer From Hearing Loss: Year-End Tax Planning Can Help
According to a recently released study by Statistics Canada, people who are socially isolated are more likely to experience a poor quality of life, morbidity and mortality. Loss of hearing has a big part to play in creating that feeling of isolation, particularly for women. Tax and financial advisors can directly help address the issues with some year-end tax planning.
Executors: How to Claim Donations On The Final Return
Executors will want to review donations strategies carefully before year end if managing the final affairs of someone who passed away in 2016. There are a series of new rules to be aware of.
RESP Deposits: Watch Out For Penalty Taxes
If making an RESP contribution is part of your year-end tax planning discussions, be sure to understand the expensive tax consequences of an excess contribution. A subscriber who contributes more than the limits allow will face a penalty tax of 1% per month on the excess amount, imposed under the Income Tax Act S. 204.91(1).
CRA Changes Reflect New Economy in Financial Literacy Month
Knowledge is power. That phrase reflects not only one of the messages in CRA’s financial literacy tips, but also the reality behind one of the recently announced changes to its national processing operations. The changes reflect a reality for many “old economy” workplaces: the new digital economy is changing workforces and the way end users prefer to transact with a hybrid of digital and human services.
