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BC’s Speculation & Vacancy Tax: What you need to know

February 11, 2019 Written by Jordan Cahill
  BC’s Speculation & Vacancy Tax: What you need to know You may have already received some important mail from the BC Government regarding the Speculation and Vacancy Tax. If not, it will be arriving soon. For all homeowners in the taxable regions, there is some important information you need to know. What is it? The Speculation and Vacancy Tax is a new annual tax that affects people who own homes, but do not use it as their principal residence or do not rent it to tenants. In short, it was created to discourage foreign buyers from purchasing properties as…

Helping the Environment

January 21, 2019 Written by Jordan Cahill
  Cahill CPA & Helping the Environment Did you know? Cahill CPA prides ourselves on being as paperless as possible! Have you ever seen an Accounting office without rows of file folders or piles of paper? Just another way that we aren’t quite your typical accounting office. We have made a conscious effort to reduce paper use whenever possible, even going as far as getting rid of the office photocopier. We also encourage clients to scan and submit their documents to us electronically, using our secure, online system. This is accessed easily through our website (link here), and has the…

New Tax Changes for 2019

January 6, 2019 Written by Jordan Cahill
 2019 Tax Changes Impacting Small Businesses & the Self-Employed With a new year, comes new tax changes at the federal level. What does this mean for you personally, or your business? Individuals may notice some changes to their paycheque, but as some taxes/premiums are increasing & others are decreasing, these changes should be slight. The majority of these changes will be affecting small business owners, and those who are self-employed.  Let us summarize a few of the major changes for you: Small Business Tax The small business tax was reduced by 1% (from 10% to 9%), which will most likely…

Merry Christmas from Cahill CPA

December 14, 2018 Written by Jordan Cahill
Merry Christmas & Happy New Year      Wishing you and yours a very Merry Christmas and a joyful holiday season. We at Cahill CPA wanted to take this opportunity to touch base with our clients, and let you know about a few things going on at our office.     This year we welcomed new staff members Tony Elliot, Nanya Nwokobia, Ahmed El-Alem and Saina Barzin. Our partner Janice Tai went on maternity leave to welcome her new baby boy and will be returning in February. Our wonderful office manager Vaneet Grewal is expecting her first child and will be…

Congratulations to our CFE Writers

December 3, 2018 Written by Jordan Cahill
Congratulations to our CFE writers! Congratulations to both Christopher See and Ahmed Al-Elem for passing their CFE exam. Chris and Ahmed are staff members at Cahill CPA who recently passed the CFE exam, qualifying them to become Certified Chartered Accountants. This three day exam involves completing and solving cases, requiring a large breadth & depth of knowledge, as well as technical skills. We are very proud of their hard work and dedication! Today we took part in the long-standing tradition of “tie cutting” during our Monday meeting. Both Christ and Ahmed took part, with partners Wayne and Jordan Cahill doing…

Contributions to Charity & Tax Credits

November 22, 2018 Written by Jordan Cahill
Does claiming your charitable donation take away from the “charitable” aspect of your donation? This question was brought to our attention recently, and gave us some food for thought! Looking into it a bit further, we realized that there are a lot of opinions surrounding financial giving and donations. So, we thought we would add our experience & opinions on this topic,  as well as provide some practical tips and information relating to CRA & your 2018 tax return. So- to the question at hand! Does claiming your charitable donation take away from the “charitable” aspect of your donation? In…
Have you thought about restructuring your company? Or have you heard the term “restructuring” and wondered what it was, or if it was applicable to your business? At some point, whether your business is facing challenges or not, many companies consider restructuring in order to improve their performance within their industry, save taxes and meet their goals. Many entrepreneurs also restructure their business early on when their small business begins to be profitable. Simply put, restructuring refers to the management process of reorganizing a company in order to make it more profitable, often by reducing or deferring overall taxes. This…

Rental Property Income in British Columbia

August 22, 2018 Written by Jordan Cahill
  Rental Property Income- CRA topics We get asked a lot of questions about rental properties from current and new clients. With the media & news outlets reporting on rental properties and short-term rentals, it’s definitely a hot-topic among many of our clients. At Cahill CPA we have been staying on top of the latest CRA rental property tax information and regulations. Below we have created a short summary of some of the important information to help you understand more about rental properties in British Columbia, as well as provided some links for more detailed information. This can be a…

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