The immediate expensing tax incentive program offered by the federal government is ending on December 31, 2023 for Canadian Controlled Private Corporation (CCPC). Under this tax incentive program, CCPC are eligible to deduct the full cost of certain fixed assets immediately, rather than spreading the cost over time through depreciation.

The immediate expensing tax incentive program was a temporary measure aimed to stimulate economic growth by encouraging CCPC to promptly invest in and upgrade their assets.

As the deadline for the immediate expensing tax program approaches, we suggest that CCPC assess their assets acquisition needs and take advantage of this tax incentive program before it ends on December 31, 2023.

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For more information, please don’t hesitate to contact one of our tax experts at SJ Chartered Accountants, serving Mississauga, Etobicoke, Toronto, and other surrounding areas in the GTA.