Professional Accountant In Office Financial Planning

Accelerated Capital Cost Allowance

For capital assets purchased after November 20, 2018, a new accelerated capital cost allowance has come into effect.  For equipment used in the manufacturing or processing of goods or specified clean energy equipment, these rules will allow the purchase cost to be claimed 100% in the first year after purchase for tax purposes.  Generally, for equipment in other classes the amount which can be claimed for tax purposes (CCA) in the year of acquisition will be three times the amount allowed in the first year under the old rules.  For more specific information or for assistance, contact your accountant.