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CPA Firm Directory & Frequently Asked Questions

February 9, 2017 Written by Crystal Cahill
  Our firm was recently added to the Canada CPA Firm Directory. You can access the information here: CPA Firm Listing- Cahill Professional Accountants   With this listing you can find more information about some of the Vancouver industry sectors we handle, the services we offer, and the variety of languages spoken by our staff. Along with these services, below are some questions we have been asked lately about what we do here at Cahill Pro!   Frequently asked questions: Q:I have a new, small business. Do you assist very small businesses just starting out? A: Yes! We can provide…

Small Business Resource: Effective IT Risk Management

January 13, 2017 Written by Crystal Cahill
To our small business clients: do you understand the IT risks that face Canadian small businesses? CPA Canada provides a great resource- free of charge- for small businesses who may need help preventing and preparing against technology-related risks. It gives some great practical strategies to improve your IT security and safeguard important online data. This is an excellent reminder to small business owners of the issues & risks that can arise related to technology, and provides recommendations for prevention and trouble-shooting.   You can download the PDF from the CPA website here.   Some of the great tips in this…

Convenient & Professional Services

December 15, 2016 Written by Crystal Cahill
  We recently had a great review from a new client, and they emphasized the ease of working with Cahill Pro through online communication. Our client couldn't believe how quickly and professionally Taylor Cahill completed the T2 for his company, without him ever having to leave the comfort of his home!   We thought this would be a great time to remind our clients that we can do many of our services without you ever needing to come into the office.   Through telephone conversations or e-mail, we can begin working on all your personal or corporate accounting needs. We…

Empty Homes Tax- January 2017

December 5, 2016 Written by Crystal Cahill
Beginning in January 2017, an annual "Empty Homes Tax" will be applied annually to homes that are deemed to be empty in the city of Vancouver. Many people will not have to worry about this tax, as it will not apply to those owners who reside in their homes full-time or who have long-term renters. To see if this tax applies to you, the City of Vancouver has created a simple questionnaire: http://vancouver.ca/home-property-development/empty-homes-tax-questionnaire.aspx There are many exemptions to this tax, however in some cases, owners must submit evidence to the city in order for them to be exempt. For example,…
  The beginning of October saw new tax changes aimed at foreign investors to Canada's real estate market, and have been imposed to ensure that these investors abide by existing tax rules. /div>   These changes also affect many Canadians residing in Vancouver. These new tax rules are very complex, and many Canadians are feeling unsure of what rules apply to them, and what to report when they sell property.  /div>   According to a report by Globe and Mail (by: Tim Cestnick) "The tax rules around principal residences are so complex that many Canadians simply don’t recognize when they might owe…

CPA the ONE National Conference- Vancouver

October 3, 2016 Written by Crystal Cahill
Our CPA's Jordan Cahill and Matthew Jacquet attended the National CPA Conference held at the Vancouver Convention Centre. This gave both Jordan and Matthew an opportunity to attend keynote addresses and various sessions to stay current on all things business and accounting related! Below are just some of the key things that Jordan and Matthew brought back to the North Vancouver office last week: They gained new information regarding retirement, especially in reference to people who begin thinking about retirement later in their careers.  They learned about how new 2016 budget changes and tax changes might have an affect on their clients. They gathered some new…

Income Splitting for Families to be phased out!

February 16, 2016 Written by Jordan Cahill
Family Income Splitting Tax Credit Eliminated With the Liberals taking their seat in parliament, the income splitting rules introduced for tjhe 2014 tax year will be phased out for the 2016 tax year. This may seem like a bad thing, however the liberals have introduced new child tax benefit and child tax credit rates which will benefit all families with children - not just those who have one spouse with a significantly higher income than the other. In my opinion, families will be better off with the new regime going forward.  If you are self employed there are still several…

New BC Income Tax Rates

January 18, 2016 Written by Jordan Cahill
New BC Tax Rates in effect for 2016 As promised by Justin Trudeau, a new tax bracket has been introduced for individuals earning greater than $200,000 of taxable income in a given year. Check out the new rates table here which shows a compariosn between the 2015 and 2016 rates. The top rate has been increased from 45.8% to 47.7% for 2016 - however we note that several of the intermediate tax bracket rates have decreased. Overall this fits with the liberals theme of decreasing the tax burden on the middle class. This shift in rates will benefit a large…

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