The 2021 Federal Budget announced that a Canadian-controlled private corporation (“CCPC”) will be able to immediately expense acquisitions of depreciable property of up to $1.5 million per year. The rules were to apply as of April 19, 2021, but the budget documents only generally described how the rules would work. At long last, draft legislative proposals that would implement this  measure were published on February 4, 2022. It was also announced that sole proprietorships and partnerships, which were notably absent from the description in the budget documents, will also be eligible for the immediate
expensing. This article discusses these proposed rules.