What’s in the Fall Economic Statement for Dentists?
Recently the Liberal Government unveiled their Fall Economic Statement which represents the mid-year mini budget. We have invited David Chong Yen and Eugene Chu, Chartered Professional Accountants from DCY Chartered Accountants in Toronto, to identify the potential changes to taxes affecting dental businesses.
In response to growing concerns that Canada’s businesses are being affected by the recent tax changes south of the border, Minister Morneau identified several new tax measures to address competitiveness, including incentives for greater investment in capital via changes to the capital cost allowance regime.
Potential changes to the capital cost allowances is policy that CDA had identified through the past six months, and was included in our pre-budget submission this summer. CDA, through our advocacy activities and Days on the Hill, has emphasized over the past four years the role of dental practices as “mini-hospitals”, with significant capital costs, as well as their job creation and economic benefits.
The following are the announced changes, from the Fall Economic Statement documents:
This Fall Economic Statement is proposing three important immediate changes to Canada’s tax system, in order to enhance business confidence in Canada:
It is the third item that is most likely to assist dental practices going forward. Because of the government’s focus on new investment, these rules will not be applied retroactively, and will only be on new purchases.
We would like to hear from you and know your thoughts and questions about this topic. If you wish to reach us, it’s quite easy: email us at email@example.com or call our toll-free number 1-855-716-2747.
Until next time!
Chiraz Guessaier, CDA Oasis Manager
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