Accounting Services, Vancouver

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  Canadian Financial Assistance During the Pandemic  We are here to support you however we can, and we are staying up to date on all the benefits & financial assistance available to Canadians during the pandemic.  Below is a link to a very straightforward questionnaire offered by CRA, that allows you to see what benefits you might be eligible for. Many of our clients are unsure of what they can apply for, and what is even available to them, so we hope that this might be a useful tool to get started! The below link is for individuals seeking financial…

Instalment Payments

September 11, 2020
Instalment Payments We've received a lot of phone calls & emails from clients regarding upcioming instalment payments. Below we have included some of the information from Canada Revenue Agency regarding instalment payments, calculator, reminders, etc.  Instalment Reminder Received in August 2020 If you receive an instalment reminder in August 2020, you can choose to reduce or not pay further instalments for 2020 if you meet one of the following conditions: The instalments you already paid this year will cover your estimated 2020 net tax owing If you only received an instalment reminder in August and the reminder does not mention…
Supporting Canadians Through the Next Phase of the Economy Re-Opening According to the Canada Revenue Agency, there are changes to the support for businesses in Canada. Below are the updates  according to CRA, and a helpful link to all the detailed information.  Summary of temporary measures to help Canadians access EI benefits more easily 120 hours of work required to qualify Minimum benefit rate of $400 per week At least 26 weeks of regular benefits According to the North Vancouver Chamber, some of the important changes for local businesses includes: Simplify EI applications Extend the Canada Emergency Response Benefit (CERB)…
  COVID-19 –  What to Expect When You Visit Our Office Our staff have been working with clients remotely, and have been successful conducting meetings by phone, or answering questions via email. However, if it is necessary for you to have an in-person meeting & come in to our office, the following safety measures are in place. You must have an appointment to enter our office please. If you do not, please call (604) 985-0123 prior to entering. This is to ensure your safety and the safety of our staff. Guests will be asked to bring their own face mask…
CRA Hacker Issues We have been aware of CRA hacker issues, and we are following the information provided very closely.  Recently, thousands of CRA accounts were hacked, and valuable personal information stolen. The hackers went into accounts and changed bank account information, applied for government benefits (such as CERB), etc. CRA has reported that the breach has been “resolved” but that there are many accounts that were impacted.  If you have any questions regarding your CRA account, check your CRA My Account to make sure there are no noticeable changes or errors. Contact CRA if you are concerned about a…
  New Tax Filing & Payment Deadlines There is still time to file your taxes. Cahill CPA is still working on personal returns for new & existing clients, ensuring our clients avoid any late penalties.  CRA is further extending the payment due date for 2019 individual tax returns and 2019 or 2020 corporation, or trust returns. They have also extended the date for instalment payments. The new extended deadline has changed from September 1, 2020, to September 30, 2020. ***According to CRA, some taxpayers may have received a Notice of Assessment that says the deadline for payment is April 30, 2020 or September 1, 2020, which is now…

Working from Home?

July 23, 2020
Working from Home? Working from home? You might be eligible for deductions on next year's tax return. Many CPA's are trying to determine what CRA will do with the "home workspace deduction" and whether more Canadians will be eligible, even if they don't meet the 50% working from home requirement. This is a great time for our clients to save any receipts from items they purchase for working from home- as well as ensure there is documentation from your employer on your terms of working from home. For more information on what you can claim- see the below link from…
Important Benefit & Credit Payment Dates Wondering if you missed an important benefit or credit from CRA? It’s always important to check your account regularly, and keep track of benefits as they can sometimes be missed by CRA.  Canada Child Benefit (CCB) typically is paid on the 20th of each month. If you do not receive it within 5 business days, you should contact CRA. GST/HST Tax Credit is paid 4 times a year, and the dates are as follows:  January 3, 2020 April 3, 2020 July 3, 2020 October 5, 2020 *Note- due to COVID-19, there was a one-time…

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