About Us

Scarrow Yurman & Co is an innovative practice with the right mix of professional skills, industry experience, and forward-looking perspective. Exceptional service with a personal touch is the cornerstone of our business. Clients rely on us to keep pace with accounting and tax trends, listen to their needs, and remain innovative in our processes and use of technology—so you always get our best! We typically work with owner-managed businesses in York Region and the GTA whose annual revenues range from $1M to $100M. Some of the industries we serve include:

  • Contracting
  • Legal professionals
  • Manufacturing & distribution
  • Medical and related clinics
  • Registered charities and Not-for-profit Sector
  • Technology
  • Veterinary clinics
Careers
Contact Us
  • Professional Accounting Firm
  • (905) 475-5200
  • [email protected]
syc-logosyc-logosyc-logosyc-logo
  • Services
  • Our Vision
  • Our Team
  • Careers
  • Case Studies
  • Contact Us
  • Blog
CLIENT PORTAL
✕
CRA – The Dark Side
December 18, 2018
Seniors – The Good, The Bad, and The Blogs
February 7, 2019

New Tax Breaks for Equipment Purchases

Categories
  • Business
Tags
  • Tax break

If your business is considering purchasing office equipment, vehicles, computers, practically any capital asset – we have fantastic news! The Department of Finance announced that as of November 20, 2018 tax depreciation rates have TRIPLED from the previous rates.

If you think that’s a nice perk, check this out! As of November 21, 2018, any manufacturing or processing equipment (new or used), purchased and used in Canada can be expensed at the full purchase price for tax purposes in the year the equipment is placed into use. This juicy new rule lasts until 2024 when the write-off drops to 75% and is phased back to the current rates after 2027.

To put this into perspective, if you are paying tax at the higher corporate tax rate of 26%, and your company is making good profits, you can get 26% tax relief in the year of purchase for manufacturing equipment – so it’s like that type of equipment is now “on sale”. 

For companies thinking of making capital asset purchases in the near future, we’re certain this awesome news tidbit will help you make that decision sooner than later!

Share
22

Related posts

October 20, 2020

Canada Government Subsidy News For Businesses


Read more
September 22, 2020

Canadian Emergency Wage Subsidy (CEWS) – UPDATE


Read more
August 19, 2020

HEADS UP – CEWS Eligibility Has Been Expanded!


Read more
© 2023 Scarrow Yurman & Co | All Rights Reserved

Privacy Policy | Terms of Use

CLIENT PORTAL
  • Professional Accounting Firm
  • (905) 475-5200
  • [email protected]

    Your Name (required)

    Company Name (required)

    Your Email (required)

    Phone Number (required)

    Service Interest (required)

    Comments