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 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: Small Business Tax The small business tax was reduced by 1% (from 10% to 9%), which will most likely…
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…
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…
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…
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…
  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…
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…
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: “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…

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