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CRA- Uncashed Cheques This is BIG news all over social media the last few days- Canadians with uncashed cheques from CRA, some from as far back as 2001. Even if you have had direct deposit, many Canadians are finding that they have uncashed cheques waiting in their "My Account" for anywhere from $4 to upwards of $700 we've seen some people report! Cheques could be "uncashed" for a variety of reasons- including change of address, lost mail, stolen mail, etc. We highly recommend you "check" this out- as you may just have some unknown money waiting there for you.  When…

Changes to T1

February 6, 2020
  Changes to the T1 Personal Income Tax Return Form This may not be BIG NEWS to most, but to those of us in the accounting world, the changes made to the T1 personal income tax form has been something to talk about!  Overall, CRA announced that the T1 form would have a new look. This includes more white space, increased font size, more pages, and simpler language wherever possible. It has gone from 4 pages to 8 pages.  Our biggest reason for sharing this information with you, is so that you aren’t surprised when you see these changes! Ultimately,…

Tax Time Tips

February 5, 2020
  TAX TIME TIPS Tax Time Checklists: Cahill CPA offers some great online resources, including checklists for employment expenses, rental income & expenses, self-employment expenses, and more. Check out our resources page for these helpful checklists & more online resources.  Reminder: Make sure to set up a CRA “My Account” online, where you can view and manage all your income tax information.  To learn how, go to:    http://bit.ly/CRAmyaccountlink Important Dates: February 24, 2020: CRA netfile service opens for electronic filing of your T1 personal income tax and benefit return. Start preparing your documents & arrange to have them sent…
Three Questions to ask your CPA CPA BC put together a handy little guide for some questions you might want to ask your accountant to prepare for tax time. Although it’s still a ways off, it’s important to be organized & prepared to maximize your return! Here are some helpful questions to ask us on your next email, phone or in-person meeting. Our team is available all year-round to answer your questions & provide advice. Remember, that we are your accountant all YEAR long, and not just at tax time.  From CPA BC- Link Here.  What can I deduct on…
  Prepare Early for Tax Time Thanks CPA BC for putting together three great tips for preparing for tax season! Although April seems like a long way away, it doesn’t hurt to prepare early. Every year tax time seems to “sneak up” on clients, and causes an added stress as they scramble in the last week of April to get prepared. With a few simple tips, tax time can be a whole lot easier & stress free! (Imagine!)  The deadline for the 2019 tax year is Thursday April 30, 2020.  Here are the THREE tips from CPA BC- Link here. …
Minimizing Capital Gains on Inherited Property Cahill CPA partner Jordan Cahill was recently asked to provide some expertise on the topic of capital gains. He colloborated with local Vancouver Realtor Shawn Brown from West Haven Group, Oakwyn Realty. Shawn created three helpful tips for individuals looking for information on minimizing capital gains on inherited property. The aritcle & video can be found here. Thanks again to Shawn for including us!  Tip #1 PLAN EARLY!   Planning early with your accountant and tax specialist is key. More options exist the sooner you begin planning for things like this. 10 or more years out…

Tax Changes for 2020

January 8, 2020
  Tax Changes for 2020 Welcome to 2020! Here’s a quick breakdown of some of the tax changes for 2020, sourced from an article by Jamie Golombek for the Financial Post. 1. Increases to the tax bracket thresholds This is done every year to income tax and benefit amounts to accommodate for inflation (this year, a 1.9% rate). Increases to the tax bracket thresholds and various amounts relating to non-refundable credits took effect on January 1st. Increases in amounts for certain benefits, such as the GST/HST credit and the Canada Child Benefit do not take effect until July 1st of…

Merry Christmas

December 10, 2019
Merry Christmas Wishing all of our clients, friends and family a very Merry Christmas & Happy New Year. Thank you for your continued business and support- we wish you all the very best in 2020.  From the partners and team of Cahill CPA

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