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  Why Realtors Need a Professional Accountant Real Estate is a HOT topic right now! If you are a realtor here locally, you probably know what we are talking about!  Cahill CPA specializes in realtors & real estate- we are experts in questions regarding: important tax credits & deductions write offs and business expenses whether to buy or lease your vehicle whether to buy in your company or personally GST  commission rebates rental properties & short term rentals setting up a personal real estate corporation (PREC) and more.  We have a lot of clients that are realtors, and many are…
Charitable Giving & Your Tax Return With tax time approaching, clients often ask about their charitable contributions from the previous year or are beginning to gather their donation tax receipts.  CPA BC has some important reminders to keep in mind when choosing which charities to donate to. Their reminder is clear- it’s important to be informed when spending your money, even when it’s giving to charity. You want to make the most informed decision, and know that the majority of your donation is going to the cause that you care about.  Their tips include: Ensure a Charity is registered. This can…
  Special Announcement Conversion to limited liability partnership We are pleased to inform you that Cahill Chartered Professional Accountants have been converted to Cahill Chartered Professional Accountants LLP effective January 1, 2021 (the “Effective Date”), respectively. Cahill Chartered Professional Accountants LLP would like to welcome our two new partners to our firm, Mathew Jacquet CPA, CGA and Tony Elliott CPA, CA. Matthew & Tony have both been invaluable members of our firm, and now we are proud to welcome such professional, experienced accountants to our partnership.  Please quote Cahill Chartered Professional Accountants LLP, as applicable, in all of your dealings…
  Support Local! You’ve probably heard it a lot this past year: “Support Local” and “Shop Local”. Maybe you even made a goal to shop local this past Christmas, or committed to supporting local more in 2021! Have you heard about the BC Marketplace website? https://marketplacebc.ca/ BC Marketplace is an awesome online resource for finding local BC businesses.  It has a simple search feature to find the services or products you are looking for. According to their website:  Browse the amazing small businesses operating throughout the province in the BC Marketplace. By supporting BC businesses you keep money in the…
  New Simplified Way to Claim “Work from Home Expenses” Well, that’s simple! CRA recently announced a simplified way for Canadians to claim working from home expenses. For your 2020 personal income tax return, Canadians can now claim “work from home expenses” with a simple flat rate method.  The CRA announced that: “Those who worked from home more than 50 per cent of the time over at least four consecutive weeks in 2020 due to COVID-19 will now be eligible to claim the home office expenses deduction.” The hope is that more Canadians will be able to claim the deduction.…
  Personal Real Estate Corporation (PREC) What is PREC? A personal real estate corporation, or PREC, allows a real estate agent to earn their business income through a corporation. British Columbia, along with several other provinces in Canada, allow PRECs. Does it make sense to PREC?  Our team at Cahill CPA can help determine whether “PREC’ing” is right for you. We help assess all the factors to consider when deciding whether to incorporate your real estate business.  Benefits to Incorporate: the ability to defer income tax.  opportunities for income splitting with family members.  There may be other potential benefits of…
  Important Update on CEBA The Canada Emergency Business Account (CEBA) that was created to support Canadian businesses, has now been increased from $40,000 to $60,000.  CEBA was launched on April 9, 2020.  It provides interest-free bank loans, guaranteed by the government, of up to $40,000 (now $60,000) to small businesses and to not-for-profits that are operating businesses. Last week, on December 4th,  it was announced that CEBA loans would increase from $40,000 to $60,000. Any businesses who have already applied for or received the $40,000 loan may apply for the $20,000 expansion.  We have had clients already apply for…
Claiming Charitable Tax Credits   Every year, we like to update our clients on the various tax credits & opportunities available when donating to charity during the holidays. This will also apply to donations throughout the year.  CRA has a variety of useful tools on their website: CRA LINK HERE Here you will be able to calculate your charitable tax credits, get information regarding applicable non-profits & charities, what documents are needed to claim your charitable tax credits, and more.  There is also a helpful charitable tax credit calculator, which can be used to get a general sense of the tax…

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