Straight from the source:
Government of Canada
Ottawa, June 11, 1998
Government Provides Tax Relief to Small Businesses for Year 2000
<snip a small portion of the news release>
Under the tax relief announced today, accelerated capital cost allowance
(CCA) deductions of up to $50,000 will be provided to small- and
medium-sized firms for computer hardware and software acquired to
replace systems that are not year 2000 compliant. This will allow
smaller firms to deduct 100 per cent of eligible expenditures in the
year in which they occur.
It's a start, I suppose. A direct tax _credit_ might have been a little
more helpful. For a small company that spends $50,000 on new
hardware/software, the deduction will result in a reduction of *current*
tax expense of less than $10,000. So the company is still $40,000
Number 2 on the best-seller list!
The comp.software.year-2000 FAQ!
Be the first on your block to read it!