Vehicles are an integral part of any farm operation and contribute significantly to the overall efficiency of the agricultural process. As important assets, it is important to understand how vehicles are classified and dealt with for tax purposes. The following criteria outline the vehicle classifications to consider when buying a vehicle for the farm: Motor […] Read more
Tag Archives tax deduction
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
