Originally posted at www.cabinetmakerfdm.com
Canadian Minster of Finance, Jim Flaherty, has extended a $1.4 billion in manufacturing tax relief for Canadian companies over the next two years. The relief was promised in the last federal budget in March 2013.
Manufacturers investing in new equipment and machinery will have the accelerated capital cost allowance program extended to 2015. The program allows manufacturers to write-off eligible investments faster, which results in higher annual tax deductions from income over a shorter period of time. The program has been used by more than 25,000 businesses in the Canadian manufacturing industry.
