Crystal Cahill is responsible for the social media and marketing at Cahill CPA. Crystal completed her Bachelor of Arts Degree at Simon Fraser University in English, and has an Education Degree and teaching certification. She enjoys keeping clients updated on new accounting practices, upcoming tax deadlines, and news & events within the Cahill CPA office & staff. She is married to Cahill CPA partner Jordan Cahill, and together they have two young children.
Canadian Financial Assistance During the Pandemic
We are here to support you however we can, and we are staying up to date on all the benefits & financial assistance available to Canadians during the pandemic.
Below is a link to a very straightforward questionnaire offered by CRA, that allows you to see what benefits you might be eligible for. Many of our clients are unsure of what they can apply for, and what is even available to them, so we hope that this might be a useful tool to get started! The below link is for individuals seeking financial assistance during Covid 19.
There is also a helpful tool for businesses, to better understand the support that is available to Canadian businesses. By answering a few questions, you will be directed to information on the resources & support offered to businesses and how to apply.
As always, let us know how we can help you.
We've received a lot of phone calls & emails from clients regarding upcioming instalment payments. Below we have included some of the information from Canada Revenue Agency regarding instalment payments, calculator, reminders, etc.
Instalment Reminder Received in August 2020
If you receive an instalment reminder in August 2020, you can choose to reduce or not pay further instalments for 2020 if you meet one of the following conditions:
- The instalments you already paid this year will cover your estimated 2020 net tax owing
If you only received an instalment reminder in August and the reminder does not mention a March or June 2020 instalment payment, follow the instructions that apply to you:
No-calculation option – Pay the amount shown in box 2 of your reminder for September 15 and December 15.
Prior-year option – Calculate your 2019 net tax owing and add any CPP contributions payable, and any voluntary EI premiums payable. Pay 75% of the total on September 15 and 25% on December 15.
Current-year option – Estimate your current-year 2020 net tax owing and add any CPP contributions payable, and any voluntary EI premiums payable. Pay 75% of the total on September 15 and 25% on December 15.
Reminder, below we’ve included the descriptions for the 3 payment options. Choose the one that best fits for you. If you need help understanding these calculation options, or instalment payments, make sure to call us.
You have three options to choose from to calculate your instalment payments:
No Calulation Option
This option is best for you if your income, deductions, and credits stay about the same from year to year.
We will give the no-calculation option amount on the instalment reminders that we will send you. We determine the amount of your instalment payments based on the information in your latest assessed tax return.
This option is best for you if your 2020 income, deductions, and credits will be similar to your 2019 amount but significantly different from those in 2018.
You determine the amount of your instalment payments based on the information from your tax return for the 2019 tax year. Use the Calculation chart for instalment payments for 2020 (open with Adobe Acrobat Reader) to help you calculate your total instalment amount due.
If you use the prior-year option and make the payments in full by their 2020 due dates, we will not charge instalment interest or a penalty unless the total instalment amount due you have calculated is too low.
This option is best for you if your 2020 income, deductions, and credits will be significantly different from those in 2019 and 2018.
You determine the amount of your instalment payments based on your estimated current-year (2020) net tax owing, any CPP contributions payable, and any voluntary EI premiums. Use the Calculation chart for instalment payments for 2020 (open with Adobe Acrobat Reader) to help you calculate your total instalment amount due.
If you use the current-year option and make the payments in full by their 2020 due dates, we will not charge instalment interest or a penalty unless the amounts you estimated when calculating your total instalment amount due were too low. For more information, see Instalment interest and penalty charges.
Links for more information regarding instalments:
Supporting Canadians Through the Next Phase of the Economy Re-Opening
According to the Canada Revenue Agency, there are changes to the support for businesses in Canada. Below are the updates according to CRA, and a helpful link to all the detailed information.
Summary of temporary measures to help Canadians access EI benefits more easily
- 120 hours of work required to qualify
- Minimum benefit rate of $400 per week
- At least 26 weeks of regular benefits
According to the North Vancouver Chamber, some of the important changes for local businesses includes:
- Simplify EI applications
- Extend the Canada Emergency Response Benefit (CERB) by four weeks
- Provide three new benefit programs to replace CERB once it expires
CRA information: Link Here
North Vancouver Chamber Information: Link Here
COVID-19 – What to Expect When You Visit Our Office
Our staff have been working with clients remotely, and have been successful conducting meetings by phone, or answering questions via email. However, if it is necessary for you to have an in-person meeting & come in to our office, the following safety measures are in place.
You must have an appointment to enter our office please.
If you do not, please call (604) 985-0123 prior to entering. This is to ensure your safety and the safety of our staff.
Guests will be asked to bring their own face mask and wear it for the duration of the visit. Disposable masks are available while supplies last.
PLEASE BE ADVISED: Prior to entering our office and to prevent the spread of COVID-19, guests will be expected to answer questions as per the Work Safe BC Visitor Checklist. Any question indicating recent exposure to someone with COVID-19 in the past 14 days or having signs and/or symptoms, will be asked to leave and not return for the specified 14-day quarantine requirement.
OUR COMMITMENT TO OUR EMPLOYEES AND GUESTS
- Public and workplace safety is our top priority.
- Our safety and sanitization procedures will meet or exceed all provincial, local and regulatory guidelines relating to sanitation and hygiene.
- All employees will be trained on sanitation and best hygiene practices.
- Employees who feel ill or have a fever will be asked to stay at home and self-isolate.
- Guests and employees will refrain from hugging and shaking hands.
CRA Hacker Issues
We have been aware of CRA hacker issues, and we are following the information provided very closely.
Recently, thousands of CRA accounts were hacked, and valuable personal information stolen. The hackers went into accounts and changed bank account information, applied for government benefits (such as CERB), etc. CRA has reported that the breach has been “resolved” but that there are many accounts that were impacted.
If you have any questions regarding your CRA account, check your CRA My Account to make sure there are no noticeable changes or errors. Contact CRA if you are concerned about a breach with your account, or if you noticed any changes made without your consent.
Here at Cahill CPA, we take confidentiality and security VERY seriously. Rest assured, that Cahill CPA goes to great lengths to provide secure, safe services to all our clients & their personal information. If you have further questions, don’t hesitate to get in touch with us.
New Tax Filing & Payment Deadlines
There is still time to file your taxes. Cahill CPA is still working on personal returns for new & existing clients, ensuring our clients avoid any late penalties.
CRA is further extending the payment due date for 2019 individual tax returns and 2019 or 2020 corporation, or trust returns. They have also extended the date for instalment payments.
The new extended deadline has changed from September 1, 2020, to September 30, 2020.
***According to CRA, some taxpayers may have received a Notice of Assessment that says the deadline for payment is April 30, 2020 or September 1, 2020, which is now incorrect. If you have any questions regarding your return, make sure to check your MyAccount with CRA or contact us at Cahill CPA.
Helpful information from CRA: Link Here
Get in touch with us soon to get your return filed professionaly and promptly.
Working from Home?
Working from home? You might be eligible for deductions on next year's tax return. Many CPA's are trying to determine what CRA will do with the "home workspace deduction" and whether more Canadians will be eligible, even if they don't meet the 50% working from home requirement. This is a great time for our clients to save any receipts from items they purchase for working from home- as well as ensure there is documentation from your employer on your terms of working from home. For more information on what you can claim- see the below link from CRA.
Useful articles & links:
CRA Article- Work Space in the Home Information
CBC- News Article- July 23, 2020 https://www.cbc.ca/news/politics/covid-pandemic-tax-deduction-1.5658739
As always, let us know if you have any questions on how this will impact your return.
Our office is located in North Vancouver, BC and we also offer remote services to clients throughout British Columbia.
Important Benefit & Credit Payment Dates
Wondering if you missed an important benefit or credit from CRA? It’s always important to check your account regularly, and keep track of benefits as they can sometimes be missed by CRA.
Canada Child Benefit (CCB) typically is paid on the 20th of each month. If you do not receive it within 5 business days, you should contact CRA.
GST/HST Tax Credit is paid 4 times a year, and the dates are as follows:
- January 3, 2020
- April 3, 2020
- July 3, 2020
- October 5, 2020
*Note- due to COVID-19, there was a one-time supplementary GST/HST Credit payment. On April 9, 2020, the one-time supplementary GST/HST credit payment was issued. People already receiving the GST/HST credit should have gotten it automatically.
CRA notes if you do not receive one of these payments, to wait 10 business days before contacting them.
Canada Workers Benefit (CWB) advance payments are also sent 4 times a year, and should arrive at the same time as the GST/HST tax credit.
- January 3, 2020
- April 3, 2020
- July 3, 2020
- October 5, 2020
On the CRA website, you can apply to get email reminders for when payments will come out. To get these reminders, along with helpful updates & new information, you can subscribe here.
CRA. Canada Revenue Agency. Covid19. Accountant. North Vancouver
Digital News Subscription Tax Credit
Do you subscribe to a digital news subscription? If so, you could be eligible for a tax credit!
In 2019, CRA rolled out a “digital news subscription tax credit” which, according to the CRA website, is: a non-refundable tax credit for amounts paid by individuals to a qualified Canadian journalism organization (QCJO) for qualifying subscription expenses after 2019 and before 2025.
This digital news tax credit is applicable for up to $500 worth of subscription fees for digital news outlets. While you can only use it to save up to $75, it’s still worth applying for on your next return. Every penny counts!
For more information on eligible subscriptions and for more information on this tax credit: CRA Link
Canada Revenue Agency. CRA. Tax Credit. Accountant. CPA
CESB, CERB, and....more
CRA recently created an easy questionare to determine if you are eligible for financial support... see link here. https://covid-benefits.alpha.canada.ca/en/start This an easy survey, 10 questions in total, and only takes 1-2 minutes. It will then list any benefits you "may" be eligible (and also lists which ones you are NOT eligible for as well).
For information on the Canada Emergency Student Benefit- CESB- see link here. https://www.canada.ca/en/revenue-agency/services/benefits/emergency-student-benefit.html
For an ongoing list of changes to taxes & benefits due to Covid 19, see link here. https://www.canada.ca/en/revenue-agency/campaigns/covid-19-update.html