Immediate Expensing of Capital Assets
As part of the April 18, 2021 Federal Budget, The Department of Finance introduced the immediate expensing of some capital assets which are purchased or become available for use after April 18, 2021 and before January 1, 2024. Due to the significant and beneficial nature of this change in tax legislation, we’ve opted to single it out in a separate publication to ensure everyone is well informed.
The attached article provides an overview of the ability to immediately expense certain capital assets which would have previously been claimed over a number of years as a capital cost allowance. For specific questions on how this may impact you or your business, please contact your trusted Ford Keast advisor.
For full details regarding the 2021 Canada Federal Budget, please refer to our April 19, 2021 website posting: 2021 Federal Budget Commentary.