Tax Alert – Canada

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CCA acceleration substantively enacted

No. 15, 9 April 2019

On 8 April 2019, Bill C-97, Budget Implementation Act, 2019 No. 1, which implements certain tax measures announced in the 2019 federal budget and the 21 November 2018 federal fall economic statement (as well as other previously announced measures) received first reading in the House of Commons. Bill C-97 contains the tax measures that were included in the notice of ways and means motion tabled on 4 April 2019.

As a result, the business income tax measures contained in Bill C-97 are now substantively enacted for financial reporting purposes. Most notably, the capital cost allowance (CCA) acceleration measures that were first announced in the 21 November 2018 federal fall economic statement, including some modifications since their initial release, are now substantively enacted.

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