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Bill Morneau’s July 18, 2017 Announcement on Tax Planning for Private Corporations.  On July 18, 2017 the Federal liberals through the department of finance announced some major tax changes that could potentially affect millions of small business owners across Canada. Draft legislation was proposed including the following: An additional tax on dividends to certain shareholders to discourage income splitting, The elimination of the ability to multiply the capital gains exemption on the sale of shares of small business corporations A set of extremely complex rules to eliminate the benefit of using after-corporate tax dollars to invest. Elimination of the ability to convert dividends…
  Our firm was recently added to the Canada CPA Firm Directory. You can access the information here: CPA Firm Listing- Cahill Professional Accountants   With this listing you can find more information about some of the Vancouver industry sectors we handle, the services we offer, and the variety of languages spoken by our staff. Along with these services, below are some questions we have been asked lately about what we do here at Cahill Pro!   Frequently asked questions: Q:I have a new, small business. Do you assist very small businesses just starting out? A: Yes! We can provide…
To our small business clients: do you understand the IT risks that face Canadian small businesses? CPA Canada provides a great resource- free of charge- for small businesses who may need help preventing and preparing against technology-related risks. It gives some great practical strategies to improve your IT security and safeguard important online data. This is an excellent reminder to small business owners of the issues & risks that can arise related to technology, and provides recommendations for prevention and trouble-shooting.   You can download the PDF from the CPA website here.   Some of the great tips in this…
  We recently had a great review from a new client, and they emphasized the ease of working with Cahill Pro through online communication. Our client couldn't believe how quickly and professionally Taylor Cahill completed the T2 for his company, without him ever having to leave the comfort of his home!   We thought this would be a great time to remind our clients that we can do many of our services without you ever needing to come into the office.   Through telephone conversations or e-mail, we can begin working on all your personal or corporate accounting needs. We…
Beginning in January 2017, an annual "Empty Homes Tax" will be applied annually to homes that are deemed to be empty in the city of Vancouver. Many people will not have to worry about this tax, as it will not apply to those owners who reside in their homes full-time or who have long-term renters. To see if this tax applies to you, the City of Vancouver has created a simple questionnaire: http://vancouver.ca/home-property-development/empty-homes-tax-questionnaire.aspx There are many exemptions to this tax, however in some cases, owners must submit evidence to the city in order for them to be exempt. For example,…
  The beginning of October saw new tax changes aimed at foreign investors to Canada's real estate market, and have been imposed to ensure that these investors abide by existing tax rules. /div>   These changes also affect many Canadians residing in Vancouver. These new tax rules are very complex, and many Canadians are feeling unsure of what rules apply to them, and what to report when they sell property.  /div>   According to a report by Globe and Mail (by: Tim Cestnick) "The tax rules around principal residences are so complex that many Canadians simply don’t recognize when they might owe…
Our CPA's Jordan Cahill and Matthew Jacquet attended the National CPA Conference held at the Vancouver Convention Centre. This gave both Jordan and Matthew an opportunity to attend keynote addresses and various sessions to stay current on all things business and accounting related! Below are just some of the key things that Jordan and Matthew brought back to the North Vancouver office last week: They gained new information regarding retirement, especially in reference to people who begin thinking about retirement later in their careers.  They learned about how new 2016 budget changes and tax changes might have an affect on their clients. They gathered some new…
Family Income Splitting Tax Credit Eliminated With the Liberals taking their seat in parliament, the income splitting rules introduced for tjhe 2014 tax year will be phased out for the 2016 tax year. This may seem like a bad thing, however the liberals have introduced new child tax benefit and child tax credit rates which will benefit all families with children - not just those who have one spouse with a significantly higher income than the other. In my opinion, families will be better off with the new regime going forward.  If you are self employed there are still several…

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