The Summary of the Budget
MyBookly & Canada’s New Federal Budget 2025
As Canada unveils its new federal budget for 2025, the implications for businesses across the nation are profound. This budget signals a robust commitment to enhancing business productivity and fostering investment, creating a fertile ground for growth and innovation. For businesses in Ontario and beyond, MyBookly Oakville stands ready to assist in navigating these exciting changes.
The Productivity Super-Deduction (100% Write-Off)
One of the standout features of the 2025 budget is the introduction of the Productivity Super-Deduction. This incentive allows businesses to write off 100% of their qualifying investments in productivity-enhancing assets. This means that companies can significantly reduce their taxable income, freeing up capital for reinvestment and expansion. MyBookly can help you identify eligible expenditures and ensure you maximize this opportunity.
Lower Marginal Effective Tax Rate (METR)
The budget also proposes a reduction in the Marginal Effective Tax Rate (METR) for businesses. This change is designed to make Canada a more attractive place for investment, allowing companies to retain more of their earnings. With lower tax burdens, businesses can reinvest in their operations, hire more staff, and innovate. MyBookly’s expertise in tax strategy will be invaluable in helping you understand how these changes can benefit your bottom line.
Enhanced SR&ED Tax Incentives
In addition to the above incentives, the budget enhances the Scientific Research and Experimental Development (SR&ED) tax credits. This program is crucial for businesses engaged in research and development, providing significant financial relief for innovative projects. MyBookly can guide you through the complexities of the SR&ED application process, ensuring you receive the credits you deserve.
Your First Step: Talk with First & Fifteenth Financial
To fully capitalize on these new incentives, businesses should consider enegaging First & Fifteenth Financial (1st15th.com) as their initial point of contact. Their expertise in financial strategy and tax planning will be essential in navigating the intricacies of the new budget provisions. Accessing super-deductions and enhanced SR&ED credits requires precise CPA filing and strategic planning.
MyBookly Oakville is proud to be the CPA partner with the specialized knowledge necessary to help you navigate these complex new regulations. Our team is dedicated to ensuring that your business not only understands these changes but also leverages them to achieve greater success.
In conclusion, the 2025 federal budget presents a wealth of opportunities for Canadian businesses. With the right guidance and support from MyBookly and First & Fifteenth Financial, you can position your business for growth and take full advantage of these transformative incentives. Let’s work together to unlock your business’s potential in this new economic landscape.
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