Prime Minister Mark Carney has announced an expanded tax incentive allowing businesses to immediately deduct 100 percent of the cost of a broader range of eligible new investments, including pipelines, mining property, and infrastructure.
Carney announced the “Productivity Mega Deduction” on day two of the Canada Investment Summit in Toronto on Sept. 15. The measure expands the existing Productivity Super-Deduction, increasing the share of assets eligible for immediate expensing to more than 65 percent from roughly 15 percent.
The prime minister said the expanded deduction will cover a broader range of assets, including fibre-optic cable, mining property, oil and gas pipelines, software, research and development, computer equipment, aircraft and vehicles, patents, rail track, bridges and roads….