It feels like just yesterday we were all adapting to the new immediate expensing rule and strategizing how to use it to our benefit, and now here we are, bidding it farewell. Immediate expensing allowed certain capital additions to be entirely expensed in the year they were purchased. This was applicable for eligible property acquired […] Read more
Tag Archives immediate expensing
How to get tax season right
Glacier FarmMedia – With deadlines looming, there are a few things farmers should be aware of as they prepare their taxes. For farms that run as corporations, Dec. 31, 2023, was the last day for the temporary immediate expensing option. The immediate expensing incentive was a temporary program that first came into effect for the […] Read more
Equipment immediate expensing to end for corporations
Do you need a large tax deduction before year-end? You may be able to immediate expense (100 percent write-off in the year of purchase) up to $1.5 million of equipment purchases. For corporations, immediate expensing ends Dec. 31, 2023, and the equipment must be available for use by Dec. 31. The Canada Revenue Agency defines […] Read more
