Bill-C19

Bill-C19 Is The Largest Ever Tax Deduction

New Bill-C19 Increases 2023 Tax Deduction Allowance for Equipment Purchases to 100%!

Taking the Bill-C19 tax deduction will lead to significant tax savings for companies in 2023.

Bill-C19 was released by the Canadian Department of Finance in April 2022. The legislation allows companies to expense the full price of new or used business equipment in the first year they’re purchased. For 2023, the maximum deduction is $1,500,000, meaning a business can write-off the full cost up to $1.5 million worth of acquired equipment that is purchased or financed.

The equipment must be both purchased and put into service during the 2023 calendar year, so right now is the time to contact Bobcat of London to ensure your equipment has arrived in time for this tax year. We have lots of new equipment and used equipment in stock and you have until midnight on December 31 to acquire it, plug it in, fuel it up and start it.

Who Can Qualify?

The good news is that even the smallest contractor buying one attachment from Bobcat of London can expense the full cost of it in this tax year. Most tangible business equipment and Bobcat Equipment qualify (again, both new or used), and any size private business can take the write-off.

The tax deduction is especially important this year as many companies are seeing their projections and numbers shrink as inflation and rising interest rates continue to dominate the headlines. Many contractors are coming off a record 2023 year and could use the 100% tax write-off for equipment they know they’ll need in 2024. So, taking a deduction on the entire cost of acquired equipment (as opposed to yearly depreciation) to make a very large difference to 2023’s bottom line.

Put simply, at Ontario’s 26% corporate tax rate, every $1,000 spend on new or used Bobcat equipment and attachments equals $260 in tax savings.

Contact us today to take advantage of this tax savings!