Canada will proceed with measures announced last year to allow some businesses to speed up how quickly they write off machinery and equipment, as well as to expense research and development costs immediately to save on corporate taxes.
New provisions include immediate expensing for manufacturing or processing buildings bought on or after Tuesday and used before 2030. Ottawa will also reinstate accelerated expensing for liquefied natural gas equipment and related buildings, as long as they’re considered low-carbon facilities.
The headline corporate tax rate remains the same, but Finance Minister