Temporary Tax Relief Measure allows Canadian Businesses to Claim a 100% Capital Cost Allowance deduction for Eligible Computer Hardware and Systems Software acquired after January 27, 2009 and Before January 31, 2011

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The following is now available on the CRA Web site:

News release

Minister Keith Ashfield launches ad campaign promoting tax relief for businesses

Ottawa, Ontario, October 20, 2010… The Honourable Keith Ashfield, Minister of National Revenue, Minister of the Atlantic Canada Opportunities Agency, and Minister for the Atlantic Gateway, is pleased to announce the launch of the Government of Canada’s advertising campaign promoting the 100% capital cost allowance rate for computers.

Minister Ashfield reminds Canadian business owners that they have until January 31, 2011, to acquire new eligible computer hardware, including systems software, in order to claim 100% of the capital cost allowance.

“We know it is important for Canadian businesses to remain competitive in today’s changing world,” said Minister Ashfield. “That’s why our Government brought in measures like this one, and many others in Canada’s Economic Action Plan. These temporary measures will help Canadian businesses through this challenging economic time, and make sure they have the tools they need for the future.”

Announced in Canada’s Economic Action Plan, this temporary tax relief measure allows Canadian businesses to claim a 100% capital cost allowance deduction for eligible computer hardware, including systems software, acquired after January 27, 2009, and before midnight, January 31, 2011.

Minister Ashfield is urging Canadian businesses to take advantage of all of the available tax relief measures the Canada Revenue Agency administers.

For more information on tax cuts for businesses, go to http://www.cra.gc.ca/taxcuts

Source: CRA Newsroom


TheReviewer says:

Many people didn’t know about the 55% tax relief measure (class 50) for eligible purchase of computer hardware after March 18, 2007 before January 28, 2009 .. (used to be class 45)

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