Deadline approaching for tax relief for Y2K

October 21, 1999

October 21, 1999.

Deadline approaching for tax relief for Y2K computer-related purchases.

Revenue Canada reminds small and medium sized businesses that the deadline for accelerated capital cost allowance (CCA) is October 31, 1999. Under proposed amendments to the Income Tax Regulations, help is available to address computer compliance for the year 2000.

These amendments will allow CCA deductions of up to $50,000 for hardware and software acquired by small- and medium-sized businesses. The hardware and software must be acquired between January 1, 1998, and October 31, 1999, to replace similar property acquired before 1998 that is not Y2K-compliant.

For more year 2000 information, visit Revenue Canada's Web site at www.rc.gc.ca/y2k/ on the Internet or call the Business Enquiries section of your tax services office. You can find the telephone number listed in the government section of your telephone book.

For further information, please contact:

Michel Proulx
(613) 946-3461


Topic(s): 
Canadian Economy & Politics
Information Source: 
Canadian News Channel
Document Type: 
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