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.

Knowledge Bureau would like to remind you of some key dates to mark in your calendar: Regional DAW Workshops - May 24 to 31. Early Registration ends May 15.  Summer Studies Begin July 1 and DAC  Nov 6 -9. Register by June 30.

"Our greatest weakness lies in giving up. The most certain way to succeed is always to try just one more time." Thomas A. Edison

Tax season may be over but you may have forgotten to claim a lucrative tax deduction or credit, like medical expenses, moving expenses or the disability amount.  First tip:  don’t file a new return; simply adjust your prior filed return.  But, what’s the deadline for making adjustments?

Canadian taxfilers are saving the planet! Of the total returns received to April 25 for the 2015 tax filing year, 87% were filed electronically, according to CRA’s tax filing statistics. The average refund so far is slightly lower than last year: $1653.

Tax filing season is officially over and that means it’s officially tax audit season. And that can be very expensive. For example, you may have heard the story of the $250,000 owing in back taxes by a campground in Ontario.

The tax filing deadline of midnight May 2 has come and gone. Now what? It’s important to file as soon as possible if you owe money to CRA. That’s true even if you’re a proprietor and qualify to file by midnight June 15.