If you own a Canadian Control Private Corporation take advantage of this....
Friday, November 12, 2021
The 2021 Federal Budget temporarily allow CANADIAN CONTROL PRIVATE CORPORATION (CCPC) to deduct 100 % of capital outlays on eligible property acquired on or after April 19, 2021 and that are available for use before the 2024 calendar year. It means if CCPC purchase an eligible capital property, for example purchase a vehicle, on or after April 19, 2021... it can deduct 100% of the cost of the vehicle from its revenue in the year of purchase, instead of amortizing it.
Immediate expensing would be limited to a maximum amount of $1.5 million per taxation year and would only be available for the year in which the property becomes available for use.
Some of the capital classes that are not eligible for the temporary immediate expensing rule are:
Class 1 -6 > Different kind of Buildings
Class 14.1 > Intangible assets
Class 17 > Surface construction including Road, Parking lots …
Class 47 > Transmission/distribution equipment of electrical energy