Minister Anandasangaree highlights new Productivity Mega Deduction to help businesses invest, grow and create jobs in Canada

Today, the Honourable Gary Anandasangaree, Minister of Public Safety, participated in an event highlighting how the federal government is helping Canadian businesses of all sizes invest in new equipment, adopt new technology, expand their operations, and compete at home and around the world. This will create the conditions for a new era of investment in Canada.

Canada has what the world wants: abundant energy and critical minerals, the most educated workforce in the world, access to 1.5 billion consumers through our free trade agreements, and the strongest fiscal position in the G7. We are building on these advantages to make Canada the best place in the world to invest, build, and grow.

Today, the Honourable Gary Anandasangaree, Minister of Public Safety, participated in an event highlighting how the federal government is helping Canadian businesses of all sizes invest in new equipment, adopt new technology, expand their operations, and compete at home and around the world. This will create the conditions for a new era of investment in Canada.

At the centre of this work is the new Productivity Mega Deduction, one of the most significant changes to Canada’s business tax system in half a century. It will allow businesses to immediately deduct the full cost of a much broader range of investments, giving them a powerful incentive to build, expand, and create good jobs in communities across Canada.

This game-changing new tax incentive will increase the amount of assets eligible for immediate expensing from roughly 15% of assets to more than 65%, including fibre-optic cable, greenhouses, mining property, oil and gas pipelines, software, research and development, computer equipment, aircraft and vehicles, patents, rail track, bridges, and roads.