2018 Fall Economic Statement: 3 immediate tax changes for businesses

by in Canadian Government News and Updates
2018 Fall Economic Statement:  3 immediate tax changes for businesses
In the 2018 Fall Economic Statement, the federal government announced several proposals to enhance the country’s economic growth as well. It also provided an update on the Canadian economy.

The 2018 Fall Economic Statement also included three immediate changes to Canada’s tax system for the purpose of enhancing business confidence in Canada.

• The Government proposes to allow businesses to immediately write off the cost of machinery and equipment used for the manufacturing or processing of goods. This measure aims to fuel new investments and support adoption of advanced technology and processes.
• The Government also proposes to allow businesses to immediately write off the full cost of specified clean energy equipment.
• The Government introduces the Accelerated Investment Incentive, an accelerated capital cost allowance for businesses that are making capital investments.

Source: https://www.fin.gc.ca/fin-eng.asp
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