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BC Speculation and Vacancy Tax The deadline to declare your property is March 31, 2020. If you received a letter in the mail, simply go online to complete the declaration.   https://www.etax.gov.bc.ca/SVT/_/ If you did not receive a letter, you will need to call to get the declaration code number and letter ID. 1-833-554-2323 toll-free Don't forget that ALL owners listed on the property must call and declare. For example, if you and your partner BOTH own the property, you must BOTH call or go online and declare ownership separately.  **Reminder- THIS tax is separate from the "Vancouver Empty Homes Tax" Below are…
Calling All Entrepreneurs Do you own your own business? Are you working from home? Starting a new business? We specialize in new businesses, entrepreneurs, and self-employed individuals.... we help you make the most of your business, and let you focus on what YOU do best! Our easy to use tax checklists will help you organize what expenses & deductions you should be keeping track of, and our useful links directs you to websites that might benefit your business.  These can all be found on our resources page, and our professional accountants will provide you with advice and guidance on how…
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…

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