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.Adopting Refugee Children: Adoption Expenses Qualify as Tax Credit
It has been truly heartbreaking to watch the humanitarian crisis unfold in Europe, as millions of displaced refugee families risk their lives seeking safe havens. Canadians can help with charitable donations, but also by adopting orphaned children.
The New Role for the Tax Accountant When a Business Transitions
Accounting departments in growing companies have a special role in collaborating with shareholders: to help those at the financial helm to understand not only where the business results lie today, but what resources it will need to support future growth, potential financing gaps, and how they can best addressed.
Practice Management: The Ultimate Canadian Paperless Tax Office
Year end tax planning includes upgrading tax office environments to substantially increase efficiencies. The proof appears to be in the pudding: TaxCycle users are reporting a 41% decrease in paper printing and handling, 30% more accurate tax preparation and 21% time savings per client engagement.
Less Than a Month Away: Strategic Practice Management a Highlight at the DAC
How do advisors successfully engage multiple generations in a digital world in order to build and sustain family wealth?
More Seniors Than Babies: Eight Drivers Towards a New Tax Strategy
It’s an important cross-over: for the first time, Canada’s 65-year-olds have outnumbered children ages 0 to 14.
FATCA is Here for Good
The first transfer of Canadian banking information to the Internal Revenue Service was completed September 30, as reported last week. That was the result of a September 16 appeal in which The Honourable Mr. Justice Martineau of the Canadian Federal Court in Vancouver ruled that the U.S. Foreign Account Tax Compliance Act (FATCA) legislation is both legal under Canadian law and not inconsistent with the U.S./Canada Tax Treaty.
