Toronto/IBNS, Sept. 16 -- Canadian Prime Minister Mark Carney has introduced a new Productivity Mega Deduction aimed at lowering the cost of business investment and expanding the range of assets eligible for immediate tax deductions.

The new incentive expands the scope of assets eligible for immediate deductions from roughly 15% to more than 65%, covering investments including fibre-optic cable, mining property, oil and gas pipelines, software, research and development, computer equipment, aircraft, vehicles, patents, rail track, bridges and roads.

The government said the measure, combined with making immediate expensing permanent, will reduce the marginal effective tax rate on new business investment in Canada from roughly 13% to 6.4%....