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.

When did your business go from being a sideline or hobby to a viable going concern? It’s important to be able to pinpoint the date if you want to stay out of CRA’s cross-hairs.

Experts and visionaries from all sides of the financial services are now preparing their ground-breaking research for presentations at the Distinguished Advisor Conference, November 6 to 9 in San Diego.

Now that tax season is in full swing, Knowledge Bureau would like to remind you of some key dates to mark in your calendar: Regional DAW Workshops - May 24 to 31, Summer Studies Begin June 15, DAC  Nov 6 -9.

"If opportunity doesn't knock, build a door." Milton Berle

Unincorporated business owners can avoid late filing penalties by filing their taxes before midnight June 15. However, if you owe money to CRA, you must pay by midnight May 2 to avoid interest charges.

Saul lost his job and was not able to keep up with his required support payments to his estranged family. He was required to pay $500 per month in spousal support and $1,000 per month in child support. He did not begin to know how to claim his arrears payments on his tax return. Fortunately his Tax Services Specialist could help.