Writing Off Those Computers More Quickly

The new federal budget includes a little bit of good news for small businesses. One of the things Finance Minister Ralph Goodale announced is the creation of a new Capital Cost Allowance class for computers. Now computers purchased March 23 or later will be eligible for a Capital Cost Allowance of 45 percent rather than 30 percent, meaning that businesses will be able to write them off more quickly.
James Daw provides a summary of what the new budget means to small business (Toronto Star). Other highlights include the extension of the business loss carry-forward period to 10 years, from seven years, and the announcement of an extra $270 million in new venture-capital financing for start-up companies through the Business Development Bank of Canada and the Farm Credit Corp..
Maximizing your non-capital losses and your capital cost allowance claim are two strategies I suggest for reducing your income tax. Read about these and six other strategies in "Tax Strategies To Maximize Your Business Income Tax Deductions".