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.

With the prorogation of parliament many tax provisions in the April 16, 2024 federal budget, the August 12, 2024 legislative proposals and the Fall Economic Statement of December 16 have fallen into a state of confusion.

Knowledge Bureau’s DMA Accounting Services Specialist program (Knowledge Bureau - World Class Financial Education) is a comprehensive designation program designed to provide strong competencies for people who work in accounting departments and tax offices.

“This course provides an extensive knowledge about the use of trust in tax and estate planning and is to be recommended as part of a background for a tax professional. It clearly spelled out the structure, advantages and disadvantages of each type of trust. The study cases give a valuable insight into handling a variety of situations where the establishment of a trust is warranted." 

Please join Evelyn Jacks and guest Faculty members for a virtual mini-summit February 26 for an in depth Tax School for tax and financial professionals. 

Subscribe to KBR to get our Real Tax News You Can Use Special Report! In This Edition: February 14, 2025 More Bad News on the Canada Carbon Rebate Anti-Flippers Beware: CRA Fines are Exorbitant What Residential Property Owners Need to be Audit-Proof

The GST holiday which  began in December comes to an end on February 15th and the fallout for consumers and businesses could linger for longer than the two month exemption itself.  Announced by the Prime Minister and then Finance Minister on November 21st, the end of the break will mean Canadians must once again pay more for common children’s items in particular.  Further, businesses will gain incur costs to reprogram point-of-sales and accounting systems.