Blog
Canada’s New Luxury Tax Comes into Effect September 1, 2022
The Luxury Tax (“LT”) is a new tax on the sale of road vehicles and aircraft where the consideration payable is greater than $100,000…
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The New Interest Regime – Impact of Interest and Financing Expenses Deductibility Limitations for Owner Managed Businesses
On February 4, 2022, the Department of Finance released sweeping draft legislation that would limit the deduction of interest and financing expenses to a fixed ratio that comes into force for taxation years commencing after October 1, 2023.
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Blog
Summary of Designated Immediate Expensing Property (“DIEP”) Rules
The government announced new rules allowing for immediate expensing (100% write off in the year of purchase) of up to $1.5 million of capital asset purchases per year. These rules finally became law in June 2022, allowing CRA to start assessing immediate expensing claims…
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