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.

On August 19, make sure you check out our Breaking News Issue of Knowledge Bureau Report.

Finance Canada has released the fine print that will both introduce and limit a new tax break, when arm’s length sales of real property situated in Canada or the shares of a private small business corporation are donated to charity by a resident taxpayer, effective the 2017 tax year. 

Is the federal government silencing human rights organizations and advocacy groups through restrictive provisions in the Income Tax Act?

Elections bring with them important opportunities to discuss Canada’s future social, economic and tax policies. So, it’s appropriate to go back to “tax school” to find out the tax consequences of making political contributions.

It’s too bad the messaging that came with the increased Universal Child Care Benefit (UCCB) was incomplete when the lump-sum bonuses were distributed on July 20. 

FOR IMMEDIATE RELEASE – Andy Fisher is a Partner in the Insolvency & Restructuring practice at Farber Financial Group and leads the firm’s Small Business Restructuring practice.