Accounting Services, Vancouver
Jordan Cahill

Jordan Cahill

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.

Jordan Cahill on LinkedIn

Monday, 21 January 2019 13:29

Helping the Environment

 

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 added benefit of being very convenient & efficient for our clients.  

Living in North Vancouver, we are surrounded by nature and understand the true responsibility of protecting our natural resources. We consciously seek out ways we can reduce waste within our office, recycle when possible, and reduce our carbon footprint by walking to work (three of our partners walk to work every day, rain or shine!).

How does your company find small (or big) ways to reduce waste, recycle or help the environment!? Join our twitter conversation, and share your tips on how your business does their part. Twitter: @Cahill_CPA

 

Sunday, 06 January 2019 14:03

New Tax Changes for 2019

 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:

  1. Small Business Tax
    • The small business tax was reduced by 1% (from 10% to 9%), which will most likely benefit small businesses that make less than $500,000 annually. However, businesses that hold more passive income (ex. held savings, real estate, stocks, bonds) will have to pay a substantially higher corporate tax rate as they will be taxed more heavily.
  2. Canada Pension Plan Premiums
    • As of January 1st, there will be an increase in Canada Pension Plan premiums. You may notice this coming off your pay cheques in 2019 and beyond, as the Canadian government increases these premiums over the next seven years to enhance pension plans. So for example, an individual with earnings of $54,900 will contribute about an additional $75 per year as of  2019. This will affect those already paying into CPP, and the aim is that you will gradually pay more now, to receive more later on.
  3. Employment Insurance Premiums
    • These premiums have decreased, and are now 4 cents less for every $100 insurable dollars. Specifically, the drop is from $1.66 to $1.62, an all-time low in 40 years. The amount that employers contribute is also reduced.
  4. Low Income Workers
    • Low income workers can now qualify for the Canada Worker’s Benefit, but will not see this compensation until 2020.

Overall, some of these changes, especially those for small business owners, may be confusing. They have not been communicated overly well, and many business owners are wondering if and how it might affect them, and what they need to do come tax time, for payroll, year ends, etc. Cahill CPA is up-to-date on these new changes for 2019, and is happy to go over any questions you might have.

 Come visit our office, located in Central Lonsdale North Vancouver, or give us a call 1-604-985-0123. One of our chartered accountants will be happy to help!

 Sources:

CTV News: Tax Changes take effect as 2019 begins

Global News: Tax Changes, CPP, EI & Small Business

 

Friday, 14 December 2018 12:41

Merry Christmas from Cahill CPA

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 on maternity leave in January. Congratulations to them both! Finally, we are also very proud to announce that our team members Chris and Ahmed recently passed their CFE exam (bringing them one step closer to their CPA designation). 

Holiday Hours

We will be Closed: December 24- January 1st

We will be returning: January 2nd. 

Follow us on Social Media   

We are communicating Cahill CPA office news, tax & finance information, and more through our social media channels. Please follow us on facebook, instagram and/or twitter to stay updated. We look forward to connecting with you and your business. 

Facebook: @CahillCPA     Twitter: @Cahill_CPA     Instagram: @Cahill_CPA

We are Hiring!

Our firm is continually growing, and we are looking to welcome new members to our team here in North Vancouver. If you know of anyone interested, please check out our careers page from more information. 

    Thank you to all our clients for your business this year, and we wish you continued success and prosperity in 2019.

 

Monday, 03 December 2018 13:29

Congratulations to our CFE Writers

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 the honours of cutting their ties. Now to wear those ties with pride today around North Vancouver, and frame the other half to remember this accomplishment for years to come.

To learn more about how to become a CPA (Chartered Professional Accountant), check out the official CPA BC website.

To see the list of all the CFE (Common Final Exam) passers, click here.

Monday, 03 December 2018 13:23

Congratulations to our CFE Writers

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 the honours of cutting their ties. Now to wear those ties with pride today around North Vancouver, and frame the other half to remember this accomplishment for years to come.

To learn more about how to become a CPA (Chartered Professional Accountant), check out the official CPA BC website.

To see the list of all the CFE (Common Final Exam) passers, click here.

Thursday, 22 November 2018 08:48

Contributions to Charity & Tax Credits

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 our opinion, the simplest response is: no!

It is true that you receive tax credits when claiming your charitable contributions during the year, and that this does financially benefit you. However, this doesn’t take away from the reason you gave or the wonderful charities you chose to give to. Furthermore, the Canadian government provides these incentives to encourage more people to donate, thus promoting charitable giving and encouraging more donations to local & international charities. Finally, you can always choose to donate the amount credited on your return back to a charity. If the government is willing to provide tax credits for charitable contributions on your tax return, thus lessening your tax bill, why not use that money towards future charitable contributions? Imagine how much MORE generous that enables you to be towards your favourite charity/charities each year.

We currently are providing information to clients on the best way to claim charitable contributions on their upcoming tax return in order to maximize their tax credits. We have also helped clients know the precise amount of money they saved by claiming their donations (thus, allowing them to donate that amount the following year in addition to their usual giving). Our partners and staff are CPA’s with extensive knowledge of CRA (Canada Revenue Agency) and have the experience to maximize your contributions. We hope this information helps you make an informed choice as you begin or continue to make donations before the year end.

As we approach the end of the 2018 tax year, you may have already decided to donate to a charity, organization, foundation, or group. Below we have compiled some important tips and resources to help you as you generously give.

Tips for donating this holiday season:

  1. Make sure that the organization or cause you are donating to is a registered charity.
  • You can only claim donations on your tax return if they are a registered charity. CRA has made it very easy to search if a cause is eligible to be claimed for tax credits, using their basic search or list. There are many North Vancouver & Vancouver based charities included on this list.    CRA Charity list
  1.  Make sure you know the eligible amount of your gift before claiming.
  • If you received any service, gift or property in return for your donation (ex. Tickets to a show, a free haircut, a night stay in a hotel, etc.), the monetary value of that gift needs to be deducted from the donation amount on your return. In most cases, the amount able to be claimed is clearly printed on your charity donation tax receipt.
  1. You can carry forward donations
  • It may be beneficial to wait and claim some of your donations on a subsequent year’s tax return. You can carry forward and claim donations for up to 5 years after the donation was made. This would be a great question for our Cahill CPA accountants as we will be able to determine the best strategy for maximizing your tax credit.
  1. Don’t forget about the first-time donor’s SUPER credit! (FDSC).
  • According to CRA, this super credit supplements the value of the charitable donations tax credit by 25% on donations made after March 20, 2013, by a first-time donor. Follow this link for more information, if you think you are eligible.    Super Credit Information

If you have any further questions about financial giving, claiming charitable donations, or donating shares & stock options, please contact Cahill CPA before the Christmas holidays to make sure you are making the most of your upcoming tax return!

 

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 can involve restructuring legal, ownership, operational, financial structure, or other aspects of a company. It is sometimes also described as “repositioning”, “corporate restructuring”, “financial restructuring” or “tax reorganizing”.

Cahill CPA has dealt with a number of restructuring situations due to changes in ownership (ex. bringing in new owners or changing owners entirely), mismanagement issues, response to a major crisis, and financial difficulties. Many reorganizations or restructuring are initiated for tax reasons, which may include:

  • Accessing corporate losses
  • Crystallizing the capital gains exemption
  • Purifying the corporation to retain its eligibility as a qualifying small business corporation for capital gains exemption purposes
  • Departure of one of several shareholders
  • Break up of the corporation among several shareholders

Restructuring is often misunderstood and thought of as a negative thing; however, it is more often than not, a very positive opportunity for companies. In this quickly changing economy, businesses often need to make big changes in order to stay ahead in their industry and reach their full potential. In fact, our clients sometimes ask us about the possibility of restructuring before they are in a difficult position, and we are able to discuss the pros and cons of such a move. When done correctly, restructuring can deliver the intended outcomes and increase value for your company.

Further reading on this topic:
https://taxpage.com/tax-reorganizations/

Cahill CPA is located in North Vancouver, and is a family-run practice of chartered professional accountants. If you are looking for an accountant who will work for your business, contact us to set up a meeting! www.cahillpro.com/contact

Wednesday, 22 August 2018 12:59

Rental Property Income in British Columbia

 

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 very complex issue, and we are here to answer any additional questions you might have.

Jordan Cahill   This email address is being protected from spambots. You need JavaScript enabled to view it.  https://www.cahillpro.com/contact

 The first thing to determine, is whether your property is rental income or business income. This can considerably change things like the taxes to be paid or the expenses that can be deducted. The short answer to the question of rental or business income is whether or not you provide additional services such as cleaning, security, meals, etc (in addition to the basic services of heat, light, etc). If additional services provided are above and beyond the basics, chances are you are running a business.

 Cahill CPA can help you determine whether you are claiming rental or business income, and therefore which forms to include in your tax return. CRA Link for more information.

 Another important detail our clients ask about is what they are able to deduct from their rental expenses. There are both current and capital expenses you can deduct, and for the most part, the list is pretty extensive.

Generally, the following ARE deductible when incurring rental income expenses:

  • Insurance
  • Advertising (including fees for AIR BNB or VRBO)
  • Interest
  • Accounting or Legal fees
  • Maintenance, Repairs (including materials and hired labour)
  • Travel (expenses to travel to your property)
  • Utilities (gas, oil, water, cable, electricity)
  • Management and administration fees
  • Motor vehicle expenses
  • Office expenses (including stationary & stamps)
  • Other expenses
  • Prepaid expenses
  • Property taxes
  • Salaries, wages, and benefits (including employer's contributions)

For more information from CRA on deductible and non-deductible expenses, link here.

Keeping records for your rental property is very important. Keep all receipts, statements, emails, slips, etc. in a secure, organized manner. The more information you keep, the better. For example, even invoices for work done or appliances repaired is helpful to have on record.

When you file your tax return, rent your property, or sell your property, always consult your accountant to ensure that you are claiming all taxes, reporting all losses & gains, and paying all necessary fees. Because rental properties, especially short-term rentals, have been a major political & community issue in British Columbia (and in North Vancouver & Vancouver especially), many people are receiving misinformation regarding their rental properties. When in doubt, arrange a meeting with one of our accountants and we will be happy to help!

 

 

 North Vancouver Accountant, Chartered Accountant, Accounting North Vancouver

 

Friday, 13 July 2018 12:59

Bank of Canada Raises Interest Rates

If you haven’t already read or heard about in the news this week, on July 11th, the Bank of Canada raised interest rates to 1.5%. The BOC cited trade tensions among other reasons as the major factors for the change. However, regardless of “why” this rate has increased, it’s now more of a matter of “how” this might affect our clients and their finances.

Many of Canada’s biggest banks, including TD and BMO, have already changed their prime rates in response (which is typical in these situations).

Reading some of the major financial analyst reports, here’s a short breakdown of who might be impacted, and how.

  • Customers with variable rate mortgages and lines of credit are now facing higher interest rates (as of July 12th).
  • Customers wishing to invest in GICs (guaranteed investment certificates) are advised to “wait and see”, as it is still uncertain as to how much these rates will rise (if at all, depending on your banking institution).
  • Canadians with savings accounts should carefully monitor their rates, and depending on how things change, these savings accounts may give a greater return on investments than a five-year GIC (according to some financial analysts, but only time will tell).

 

An article published by Global News will give a more in-depth overview of how these interest rate changes may impact your savings accounts and GIC’s:

https://globalnews.ca/news/4320269/gics-high-interest-savings-accounts-rate-hike-bank-of-canada/

And for more information about “why” these interest rates have changed:

https://www.cbc.ca/news/business/bank-of-canada-rate-decision-1.4742063

https://business.financialpost.com/news/economy/bank-of-canada-raises-interest-rate-to-1-5

 Sources Include:

“Some savings accounts could earn you more than a 5-year investment right now”

By Erica Alini, National Online Journalist, Money/Consumer Global News

“Bank of Canada raises benchmark interest rate to 1.5%, noting trade tensions”

By Pete Evans, CBC News

“Bank of Canada raises rates as Poloz’s tale of recovery from Great Recession finally starts coming true”

By Kevin Carmichael, Financial Post

 

For more information about your individual financial situation, contact Cahill CPA.

Conveniently located in North Vancouver, please see our website www.cahillcpa.ca or visit our facebook page for hours and contact info.

 

Monday, 26 March 2018 09:38

Three Common Tax Mistakes

A recent article in Global News cited three common tax mistakes that you’re most likely to make according to Canada Revenue Agency.

See the full article here, or read below for our helpful summary:

  1. “Other” Deductions Section of your Return

Many of our clients have questions regarding this section, as it seems a bit of a “free for all” of items that you could potentially deduct. However, this section is very specific and also quite limited. This area on your tax return- Line 232- “Other” Eligible deductions, are listed here on the CRA website.

Some of these include:

  • Income amounts repaid ex. EI benefits repaid to Service Canada, scholarships/bursaries, Old Age Security benefits paid directly to Service Canada, etc).
  • Legal Fees Related to accounting/assistance for reviewing your assessment with CRA, payment of fees to collect a retiring allowance or pension benefit, or you incurred fees to make child support payments non-taxable.
  • Other Deductible Amounts Depletion allowances, and specific unused RRSP contributions, transfer of RRSP payments and refund of RRSP premiums.

 

  1. Mistakes on Education Related Tax Breaks
  • Tuition tax credit Students over the age of 16 enrolled in post-secondary level courses can usually claim their tuition costs, and pass on the credit to an eligible relative who have more taxes to offset (ex. parents and grandparents). However, it is still the student who needs to claim the tax credit on her or his return.
  • Education/Textbook Credits This is more confusing to claim on your 2017 tax return because the education and textbook amounts were discontinued at the federal level as of Jan. 1, 2017, but continue to exist at the provincial and territorial level in many cases.
  1. Address Change

This may seem like common sense, but it is your responsibility to let CRA know of any address changes. If they are not able to get a response from you (after sending you mail requesting more information/documents), they have the power to deny or modify claims. This could ultimately result in a higher tax bill.

 

If you have questions about your return, it is usually wise to have a certified accountant help you with any questions or concerns you might have. Filing your return yourself, and making significant mistakes, can cause CRA to flag your return (which could result in penalties).

 

A Chartered Professional Accountant also has the knowledge and experience to complete your return in the most efficient manner, making the most of your return and limiting unnecessary payments. Remember, it doesn't have to cost you a lot to make the most of a professional accountant. Cahill CPA offers reasonably priced fees for basic returns, and can discuss the breakdown of costs up-front with you so you are comfortable with what you will be paying. You will feel confident that your return is done correctly, efficiently, and quickly.

 

 

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