Jordan Cahill is a Chartered Accountant (CA) and Chartered Professional Accountant (CPA) with a bachelor degree in business from Simon Fraser University. He articled at a national CA firm in Vancouver,BC and previously held a position at the Canada Revenue Agency as a business auditor.
When will I receive my refund?
Another great “frequently asked question” from our clients the past few weeks! If you are expecting a refund from your return, here’s some details about when and how you will receive your refund.
According to the Canada Revenue website, individuals should expect to receive their refund (or notice of assessment) within two weeks of receiving your return. Because we file your return online through CRA, this process is faster than the 8 weeks that it takes when you file a paper return.
Tip: When you sign up for direct deposit with CRA, you may even receive your refund faster.
To check the status of your refund, use Canada Revenue Agency “My Account” service (more details on our previous blog) or call the Telerefund number at 1-800-959-1956. If calling by phone, make sure to have all your necessary documents ready for security purposes:
- your social insurance number
- your month and year of birth
- the total income you entered on line 150 of your 2017 return (if you are calling before May 1)
- the total income you entered on line 150 of your 2018 return (if you are calling on or after May 1)
When your refund might take longer than 2 weeks:
If you are selected for a more detailed review or your return is not sent prior to the April 30th deadline, this process will take longer. Cahill CPA works closely with our clients and CRA to ensure that your return is completed correctly and filed promptly. If you have any questions about correspondence from CRA, please let us know.
When CRA might hold your refund:
- owe or are about to owe a balance
- have a garnishment order under the Family Orders and Agreements Enforcement Assistance Act
- have certain other outstanding federal, provincial, or territorial government debts, such as student loans, employment insurance and social assistance benefit overpayments, immigration loans, and training allowance overpayments
- have any outstanding GST/HST returns from a sole proprietorship or partnership
- have a refund of $2 or less
How you will recieve your refund:
You will recieve your refund by mail, unless you have previously signed up for direct deposit through CRA.
- If you are receiving a refund, it will come approximately 2 weeks from when it has been FILED with CRA. So not necessarily 2 weeks from when you dropped off your documents to our office- we try to be as quick as possible during this busy season, but we do need time to ensure a correct, professional filing of your return.
- Not everyone receives a refund- although that would be nice! If you have any questions about why you owe money to CRA or why your refund is a different amount than you expected, our accountants would be happy to go over your return with you.
Source: Canada Revenue Agency Website “Refunds”
CRA Online Login
You asked, we answered!
We’ve had a lot of clients recently call about notice of assessments and their RRSP deduction limit, who didn’t realize they can access these online anytime! They were surprised to know that this information is available to them anytime, along with other important tax info related to your return, refund, and more. Of course we are more than happy to help with these questions- but also wanted to give you information on how you can access this online, any day at any time!
CRA has an online Login portal that you can access through their website called “My Account”. According to their website, “My Account is a secure portal that lets you view your personal income tax and benefit information and manage your tax affairs online.”
To create your online account, simply go to “My Account for Individuals”.
Once here, you can sign in with two different options. 1. Using the same login information you use for other online services (they have a list of sign in partners you can choose from to make this easy). Or, 2. Login with a CRA user ID & password, or register.
With “My Account” you are able to:
- Receive email notifications & updates from CRA
- Track your refund
- View status of your tax return
- View notice of assessment or reassessment
- View your RRSP limit
- View TFSA contribution room
- Set up direct deposit
- Make a payment
- And more…
For more information regarding “My Account” through CRA, check out the About page on the CRA website or ask us at Cahill CPA.
Address Change with CRA
It is your responsibility to let CRA know of any address changes as soon as possible. If you have recently moved, make sure to change your address with CRA. This will ensure you are receiving any important mail from them regarding your return, refunds, notice of assessments, etc. Of course make sure to let us here at Cahill CPA know of any address changes (as well as other important changes to your information that may impact your return, including: name change, change in marital status, new dependents, etc).
To change your address with CRA:
This is by far the fastest and most convenient way to change your address with CRA. Especially if you have already created an online account.
To create or log in to your existing online account, click the CRA Link here.
By Mail or Fax:
Fill out a change of address form, shortcut found here.
Mail the completed form to:
Canada Revenue Agency
9755 King George Boulevard
Or Fax the completed form to: 604-689-7536
Or by phone:
Make sure to have all your necessary identification and information ready.
When calling, make sure to have the following information ready:
- your social insurance number or business number;
- your name or business name;
- your complete address or complete business address;
- for individual accounts, your date of birth;
- for individual and trust accounts, details from your account or your most recently assessed return, notice of assessment, reassessment, or other tax document; and
- for business accounts, details from your business account or your most recently assessed business-related tax information return.
(Source: CRA website. Link)
As always, call us at our North Vancouver office to speak to one of our chartered accountants for more informaiton or to answer any questions you might have.
Cahil CPA 604-985-0123
How Much Does a Tax Return Cost?
You asked, we answered!
Over the next few weeks we will be answering the questions YOU have been asking! Today’s question is the one we have been hearing the most this tax season, and it is “So how much will this cost me?” Surprised?! Probably not! Most people, when deciding to use an accountant for the first time or switching accountants, ask us within the first few minutes: “How much do you charge?” Well…. Here goes….
The answer, is not really that simple. See, we aren’t just a “fill in the blanks, one size fits all” type of accounting. When you come to Cahill CPA, you are truly getting much more than any “set price, do it yourself” type of tax return service. Places like H&R Block or box kits such as Turbo Tax will give you a Basic Price for a standard return. But the tricky thing with that, is that most returns aren’t standard. Usually people have more than just a T4 needed for their return...
So, when you call, email, or come into our office, we will happily give you a quote for YOUR return. It will be based on your needs, your specific slips/forms/expenses, your past returns, rental income, RRSP’s, capital gains, spouse, children, tuition, etc..etc..etc… That’s because each of our clients receive specialized service by a professional accountant that is catered to them.
Here are a few reasons why choosing a certified professional accountant is the right choice:
- We are licensed, professional, and always the most experienced and up-to-date on all things tax related.
- We will always look for ways to save you money.
- CPA’s have the experience to ensure you won't get audited or face unnecessary penalties.
- Consistency- we will do your return, year after year, and this continuity will ensure that you are getting the most out of your return every time.
- You become our client in all things tax related. You have a tax or finance question during the year? Ask us! We are here for you, and always happy to help our clients even when “tax time” is long over.
- Tax Planning. We’ve now done your return- what comes next? We can help you plan for future returns, and make the most out of year-end tax moves to save you money.
- Peace of mind- we are professionals, and we will make sure your taxes are done RIGHT!
- No stress- you send us your stuff, and we get it done. No need for you to stress in front of a computer screen, try to google your tax questions, and feel anxious that you might be missing something. We have got you covered.
So although we can’t provide a “magic number” for what every tax return will cost, we hope we did provide some insight into WHY choosing a chartered professional accountant is always the right choice.
And as always, just ask us. We are happy to provide quotes to our clients who are curious to know what a return, year-end, or other tax service is going to cost them. We look at the details, determine how long it will probably take our CPA’s to complete, and we discuss the quote with you.
If you have any other questions you are hoping to have answered, swing by our instagram or facebook and ask away! @Cahill_CPA
North Vancouver Accountant, conveniently located in Central Lonsdale off West 15th.
Suite 103 - 145 West 15th Street, V7M 1R9
Quickbooks Discount through Cahill CPA
Do you have a new business? A growing business? A small business that needs some help organizing all things financial?!
If so, Cahill CPA is offering all our clients an opportunity to make use of Quickbooks Accounting Software at a discounted rate.
Many of our corporate clients use Quickbooks software to organize the day-to-day running of their small business. Cahill CPA has a unique opportunity to offer our clients a promotion for Quickbooks, which gives you a 50% discount on your first 6 months of use. Through cloud computing, and the use of Quickbooks, our team is able to access all the data you input- therefore helping you to maximize any tax deductions, help manage income & expenses, and answer questions about sales tax, your inventory, and more.
At a glance, Quickbooks can help you and your business:
- Track income & expenses
- Create invoices & send receipts
- Send estimates
- Manage bills & payments
- Track time & inventory
- Assist with payroll
- Create detailed reports & balance sheets
Ask one of our staff how to get started on Quickbooks next time you call or come in to our North Vancouver office- we will be happy to answer any questions you might have and get you set up.
Important Deadlines for your Tax Return
Feb 18: Earliest date to file
*This will apply to you if you:
- Have already received all your documents (ex. T4 from your employer) and want to check “file my taxes” off your to-do list asap!
- Have received all your documents AND are receiving a refund- get your refund early so you can SPEND it (I mean, pay off some student loans?).
- If you are anticipating a large tax bill you will need to pay, it will give you more time to set money aside to do so.
March 1: Cutoff for adding funds to your RRSP for your 2018 tax return.
You can contribute to your RRSP anytime, but if you want it to count for your 2018 tax return, the contribution must be made by March 1st. Let us know if you need more information, and whether contributing more might be beneficial to you.
April 30: Last day to file your tax return
This is the VERY last day to file your return without penalty. We highly suggest starting the process earlier, as we cannot guarantee we can file your return on time if you bring a box of receipts and slips in to us at 4:30pm on April 30th (and trust us, this has happened!)
June 17: Self- Employment- Last day to file
If you are self-employed, the deadline to file is June 17. However, if you have a balance owing for 2018, the deadline to pay is April 30th.
*As always, let us know if you have any questions about your return or these deadlines specifically.
Getting the most from your Tax Return
Are you getting the most out of your tax return every year?
We had a conversation recently with a potential client, and wondered if there’s other people out there who feel the same way she does. Her comment about her current accountant went a little something like this: “They do my taxes every year, I barely hear from them, and I don’t think I’m saving money where I could be.” Hmmmm….!
So- this is the answer we would give to someone who is having concerns with their current accountant and thinking of switching to Cahill CPA:
- Switching accountants is much easier than you think.
- Just ask us! If you are ever unsure, make sure to ask if there might be ways you can be saving money on your return.
- And finally- Cahill CPA is ALWAYS looking for ways to save you money!
- Switching Accountants is Easy
Jordan talked about this recently on his podcast appearance- Zero to Here. He joked that “maybe he shouldn’t be saying this” but switching accountants really isn’t that hard. With your permission, we can access all your information online, and we just take over where your old accountant left off. There’s no picking up boxes of files or anything like that- we just simply get started!
- Just ask!
Our team at Cahill CPA are very approachable, friendly, and easy to talk to. We welcome questions, over the phone, by email, or in person. We are always available to answer any questions or concerns you might have. We also have a wide range of experience and expertise- and if we don’t have the answer, we will find out. It’s our job!
- We WANT to save you money
Cahill CPA is always looking to find ways to save you money! Because we stay current on all the new or changing tax breaks, we will always assess how you personally or within your corporation can be saving more money. Whether it’s claiming expenses, income-splitting, making use of a new tax break- we will go above and beyond to make sure you’re not paying extra on your 2018 tax return.
So if you’ve been thinking of giving Cahill CPA a try- why not on this year’s return? Come by our North Vancouver office or give us a call, we would love to chat & get to know you and your business.
Filing your Taxes- Easier Than Ever
We have made it easier than ever to file your tax return this year. Recently one of our long-time clients, Alexandra, made a comment about how she has no excuse to be late on submitting her documents to us, since we make it so easy! We had a good chuckle about it, but it’s definitely true.
Once you receive all of your documents (ex. T4’s, T5’s, RRSP contribution receipts, etc), simply email our office administrator Saina to receive your own personal, secure link. This link will allow you to upload your documents safely and conveniently directly to us. You can either scan your paper documents, take a photo with your phone to upload, or send along any digital file (ex. pdf). This eliminates the need for making extra paper copies (yay for the environment!), as well as allows our staff to have all your files digitally in one, secure place.
Our heartfelt thanks to all who voted for us. We are so honoured to win the North Shore Reader’s Choice Award for North Shore’s favourite accountant.
We have worked hard to build our team and our firm these past six years in North Vancouver, and we are so proud to be part of the North Shore community.
We promise we will continue to find ways to exceed your expectations, and provide the friendly, professional service you have come to expect from us.
Thank you to all our clients and associates in North Vancouver & West Vancouver- we look forward to continued growth & success with you in 2019!
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 an investment but leaving them vacant and uninhabited.
What do you need to know?
In order to be exempt from this tax, you must register with the BC government in order to prove that you are living in your home or renting it out to a tenant. Otherwise, you may be taxed at 0.5% of your property’s assessed value.
What do you need to do?
The BC government has made it fairly simple to register, and has provided information by mail on how to do so. You will need the declaration code and Letter ID they provide for you, as well as the property address and your SIN (Social Insurance Number). You can register online or by phone, and this information is also provided in the letter sent to all homeowners.
*Important Note: ALL owners of the property must register separately. One homeowner cannot simply register the property on behalf of multiple owners. (Ex. a husband and wife owning a home, must BOTH register the same property separately. They will both receive a separate letter in the mail).
Your property must be register by March 31, 2019.
If you do need to pay the speculation and vacancy tax (or if you do not comply with registering your property), this payment will be due by July 2, 2019.
In the News:
Some interesting information and opinions have been circulating since this new tax law was announced. Some notable sources have shared:
- Because the tax is retroactive, the first letters will actually be for taxes incurred in the 2018 calendar year — before the tax rules were even finalized.
- The province claims more than 99 per cent of B.C. homeowners will be exempt from paying, but they must declare their exemption every year.
- Starting next year, the rate will vary depending on an owner's tax residency and citizenship.
- Many residents with vacation properties, such as lake cottages or cabins are really feeling the negative impacts of this tax and may lose these family properties as a result.
As always, if you have any questions about this tax or any other tax for that matter, please contact our office (604-985-0123) for more information. We are happy to discuss any provincial, federal or CRA related tax matter and guide you through the information & how it may impact you or your business.
BC Government website:
Vancouver Sun, Rob Shaw: https://vancouversun.com/news/politics/b-c-government-opens-exemption-process-for-speculation-tax