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.

It’s February and that means it’s officially tax season. If you are going to tackle filing your tax return yourself this year—and every Canadian should try to grasp this life skill at least once—you will want to know more about the basic elements of the T1 General Income Tax and Benefit Return.

According to Statistics Canada, 20.6% of Canada’s total population is foreign born. Between 2006 and 2011, 1.1 Million foreign-born people immigrated to Canada from Asia, Africa, the Caribbean, Central and South America.

Unincorporated small business returns are increasingly in demand as an aging demographic moves from full-time employment to self-employment as a way to leverage time and money.

The Manitoba Financial Literacy Forum is a coalition of organizations and individuals working together to promote lifelong financial education skills to Manitobans. Co-founded by Evelyn Jacks, President of Knowledge Bureau and the Manitoba Securities Commission, the goal is to improve financial literacy of Manitobans.

“Remember, today is the tomorrow you worried about yesterday.” -Dale Carnegie

It’s really surprising how many people don’t know when the tax filing deadline is. CRA often mentions two dates: May 2 and June 15. Which is it for you?