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New BC Income Tax Rates

January 18, 2016
New BC Tax Rates in effect for 2016 As promised by Justin Trudeau, a new tax bracket has been introduced for individuals earning greater than $200,000 of taxable income in a given year. Check out the new rates table here which shows a compariosn between the 2015 and 2016 rates. The top rate has been increased from 45.8% to 47.7% for 2016 - however we note that several of the intermediate tax bracket rates have decreased. Overall this fits with the liberals theme of decreasing the tax burden on the middle class. This shift in rates will benefit a large…
Download our simple personal tax forms to save yourself from the headache of confusing forms.  Make your personal taxes simple this year.  Contact us if you have any questions.  We'd gladly walk you through the process. Please visit the Resources page for downloadable PDFs.

An Email from CRA?

January 15, 2015
An Email from CRA? Have you ever received an email from CRA?  If not, GOOD! Canada Revenue Agency (CRA) has a policy that they do not send any information or require any action by email- only phone and mail. They will specifically correspond with you by phone, and ask security related questions to confirm your identity. Or, they will send you mail to your home address.  If you have received an email from a source claiming they are CRA, it is important that you do not respond or follow any links within the email. A client called us recently because…
Did you give to charity this holiday season? Or, are you planning to give in the New Year? Do you claim your donations as part of your tax return every year? Remember the following tips when making charitable donations: 1. Make sure a charity is registered and eligible to issue donation receipts. This can be done by doing a simple internet search of the charities listing through CRA. 2. Keep all your official donation receipts. 3. If possible, keep proof of payments as well (credit card slips, bank statements). 4. Ask to see if you are eligible for the "First…

Capital Gains Tax

July 16, 2014
  A capital gain or loss occurs when you sell a capital asset. This includes physical assets such as real estate, art, and collectibles. It also includes investments such as stocks, bonds, ETFs and mutual funds. Items considered for personal use such as cars, furniture and boats are not applicable unless they are considered business assets. Capital gains tax is assessed at 50%. For example, if you realize a gain of $100,000 on the sale of your investment property, $50,000 is the taxable amount of the capital gain. This is called the taxable capital gain. Your overall capital gains tax…
  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).…

New Website Launch

November 6, 2013
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…

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