May 18, 2022
Canada's temporary expansion of immediate expensing incentive discussed
Bill C-19, Budget Implementation Act, 2022, No. 1 received first reading in the House of Commons on April 28. Bill C-19 implements the measures contained in the detailed Notice of Ways and Means Motion that was tabled on April 26 and contains certain tax measures announced in the 2022 federal budget and the 2021 federal budget, as well as various other measures. The following Tax Alert explains in further detail the proposed measures related to the temporary expansion of immediate expensing of certain property that is acquired by a Canadian-controlled private corporation (CCPC) or certain individuals and partnerships for eligible capital cost allowance (CCA) classes.
A Tax Alert prepared by Ernst & Young Canada, and attached below, provides additional details.
Full text of Tax Alert