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  The lifetime capital gains exemption (LCGE) is an $800,000 deduction that can be claimed against capital gains on the disposal of qualified property. Qualified properties include: qualified small business corporation share, qualified farm property qualified fishing property. In order for your company’s shares to be considered qualified small business corporation shares, the following criteria must be met:   The shares must have been owned by the individual or related person for the past 24 months prior to the disposition. More than 50% of the fair market value of the assets of the corporation must have been used in an…

  Real estate is a big deal here in Vancouver. Tax accountants can help you whether you rent out a room in your home, rent your basement, or you have a rental property empire. Here are some common deductible expenses: Property taxes, Utility costs, Insurance, Maintenance and repairs (see below), Management and strata fees, Mortgage interest (Principle payments are not deductible), Capital cost allowance (CCA).  Be careful with maintenance and repairs. Major repairs that are considered significant improvements to the land or building cannot be deducted in one year. They must be capitalized and claimed as Capital Cost Allowance (CCA).…

Welcome to the new Cahill Professional Accountants website! My name is Jordan Cahill, and I am a Chartered Accountant. The purpose of this blog is to keep you informed with the most up to date tax and accounting information to help your business. We also might throw in a few stories about our team so that you can get to know us better. We invite you to follow us on Twitter, like us on Facebook, or add us on LinkedIn. If you like our posts, please feel free to share them with your friends. We look forward to connecting with…

As you may already know, Chartered Professional Accountant (CPA) is the new accounting designation in Canada. This is a bit confusing since there are already three designations in Canada: Chartered Accountant (CA), Certified General Accountant (CGA) and Certified Management Accountant (CMA). However, the new CPA designation is the result of a merger between all three organizations. This is a huge step forward for accountants in Canada. Check out the new ad campaign that you will probably start to notice around town http://www.cpapro.ca/see-the-campaign/ Suddenly the name Cahill Professional Accountants and the website www.cahillpro.com start to make a lot more sense, don’t…

A client requested some information on this topic recently and I wanted to make a post to describe the important difference between the Disability Supports Deduction and the Disability Tax Credit. These are the types of questions that us Chartered Accountants like to get from our clients as it reminds us to keep current on new and emerging tax issues, and also provides the opportunity to share the information with you through this blog. The Disability Supports Deduction is designed to provide relief for individuals who incurred medical expenses to enable them to perform the duties at work, to carry…

Thank you for the warm welcome! We have been up and running in our North Vancouver office for 2 months now and we would like to thank all of our new clients for their warm welcome. We have been overwhelmed with positive comments and feedback. Thank-you! It has been a great experience meeting everyone and being able to help you with your income tax and accounting questions. 2012 Personal Income Tax Season Being over half way through personal income tax season, there are a few things that I would like to remind everyone if you have not come in to…