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ARTICLE · 31 JULY 1998

Canada Provides Tax Relief for Year 2000 Computer Compliance

PwC Management Services LP
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CanadaAccounting and Audit

PLEASE NOTE: THIS INFORMATION WAS ORIGINALLY SUBMITTED BY COOPERS & LYBRAND, CANADA

The Canadian Finance Minister has announced tax relief for businesses to address the year 2000 computer compliance problem. Under the tax relief package, accelerated capital cost allowance ("CCA"), essentially tax depreciation, deductions of up to $50,000 will be provided for computer hardware and software acquired to replace systems that are not year 2000 compliant. Acquisitions during the period January 1, 1998 to June 30, 1999 will qualify for the special tax relief.

To focus the tax relief on small and medium-sized businesses, only unincorporated firms and corporations not subject to the large corporations capital tax will qualify. There will be special rules for corporate groups and partnerships that have corporate members.

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