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.
Effective Productivity In Today’s Rapidly Changing World with Colin Cox
Our team participated in a great strategy session with Colin Cox, titled Effective Productivity In Today’s Rapidly Changing World. We all came away with so many great strategies for both our work & our personal lives.
Colin focused on all the many ways we can be more productive in our work day, and we all appreciated that his tips were simple, practical, and easy to implement immediately.
One of the first topics we learned about was hosting effective meetings! The need for having an agenda, being clear on outcomes, and staying on point is so applicable to a busy office like ours. Colin also shared practical tips about “taming our emails” and finding ways to boost our daily productivity by managing our health, creating achievable to-do lists, and reviewing our priorities.
Finally, one of the biggest takeaways was how to lead & host effective virtual meetings. Even though we are now over two years into leading our meetings virtually, it was very helpful to learn about the best way to prepare, start, lead, and finish online meetings with our team & clients.
We highly recommend Colin if you are looking to have a leadership workshop with your team, or if you are personally interested in individual business coaching. He is an engaging & dynamic speaker, professional, and an all-around great guy from North Vancouver.
More about Colin:
Trusted CEO Advisor. Ex-COO. MBA. Certified Executive & Business Coach. Highly-Rated Speaker. Award-Winning Customer Service Expert. Productivity Nerd.
Colin is passionate about helping people and organizations grow. He helps leaders level up their performance through leadership workshops and individual coaching accelerators. Productivity is one of Colin's key focus areas. He has been coaching the executive suite and leaders across all levels of management on productivity for over 10 years, including one-to-one coaching, group workshops and speaking engagements. Colin has coached/trained over 1,000 people during this time.
Colin has over 26 years of experience in corporations, including seven years in the executive suite as Chief Operating Officer for Demonware, the online studio for Activision. Colin has worked in Canada, the UK, and Ireland, and holds an MBA from the Open University in the UK. He lives in North Vancouver with his wife and three rambunctious boys.
Contact Colin | | +1 604 790 3572 | www.colincox.com |
Tax Instalments for Individuals
What is this and why do I have to pay money?!
You may be confused with correspondence from CRA regarding tax instalments, so here is a brief rundown of what they are, when they are due, and some frequently asked questions.
What ARE tax instalments?
Tax instalments are payments you make throughout the year to cover the taxes you normally pay in one lump sum on April 30 of the following year. You pay these instalments during the year while you are earning the income, similar to how an employer deducts tax directly from each pay period.
You may have to pay tax instalments for next year's taxes, if your net tax owing is more than $3,000 (for Quebec $1,800) for 2022 and in either 2021 or 2020.
When will I have to pay tax instalments?
Tax instalment payments are due by the following dates (except farmers and fishers who have one due date on December 31):
- March 15
- June 15
- September 15
- December 15
What if I miss a payment?
If you miss a payment, or do not pay the full expected amount, you will be charged instalment interest. In addition to paying interest, there is also an instalment penalty that could be applied if you miss a payment and your instalment interest charges for 2022 are more than $1,000.
How do I pay my tax instalments?
You can pay your tax instalments online, in person, or by mail. There are several payment options with different processing times for each.
CRA website for all the options for paying: CRA- Paying Tax Instalments
For more information on tax instalments, including who has to pay, how to calculate or reduce your instalment payments, and how to claim tax instalment amounts on your tax return: visit CRA: Tax Instalments for Individuals
Braden has a Bachelor of Arts in Economics from McGill University. He spent seven years in entrepreneurship, before starting the CPA program, and he’s passionate about start up companies and business development. He joined Cahill after a stint at a Big Four company, and was attracted to Cahill’s incredible team and care for their clients. He moved to the North Shore in October 2021 to be closer to the mountains, and in his spare time he can be found skiing, hiking, and mountain biking with his Miniature Australian Shepherd named Beatrice.
We have been using Jordan at Cahill CPA for two years now and could not be happier. Wherever you are in the lower mainland Jordan makes the usually stressful tax season a very hassle free experience. If you are looking for a new CPA, for a business or personal, I would highly recommend Cahill CPA!
Exceptional service from an extremely proficient team. I will definitely use this company again
Cahill has been diligently preparing our returns for several years, and Jordan has competently consulted on tax matters of varying complexity for us. The service at Cahill is absolutely top tier, and they most certainly take a client centric approach to their business. Having used several mediocre accountancy services in the past, we are delighted to have finally found a firm that provides such a consistent and favorable experience. Cahill delivers exceptional value at very competitive rates.
I had to deal with finishing off the Final Tax return for my late father's estate. I spoke to Jasmine who helped me with the process by offering efficient service and easy to understand next steps. I always felt that my questions and concerns were taken care of with clear communication.
Thanks for making the entire process stress-free!
Tuition Tax Credit
If you paid tuition in 2021 for a post-secondary institution in Canada, you might qualify for a tuition tax credit. Our team of accountants can help you determine if you are eligible and how it will impact your return.
Here’s the breakdown:
If the student went to a post-secondary school in Canada in 2021, the student is over the age of 16, and you paid tuition fees for the student (yourself, your child, a family member) without being reimbursed, you may be eligible to claim the tuition for a tax credit on your return.
This could be beneficial to you for reducing the amount of tax you owe, provide you with amounts to carry forward for a future year, or transfer the credit to a spouse or common-law partner.
Be sure to ask your accountant at tax time about this tax credit, and let us know about any tuition that was paid by you during 2021. We can help you best decide how using this tax credit will be most beneficial to you and your return.
The extended article from CRA is here: Eligible Tuition Fees
Eligible tuition fees
Generally, a course taken in 2021 at an institution in Canada will qualify for a tuition tax credit if it was either:
- taken at a post-secondary education institution
- for individuals 16 years of age or older at the end of the year, who are developing or improving skills in an occupation and the educational institution has been certified by the Minister of Employment and Social Development Canada
Fees paid by an individual to a post-secondary educational institution in Canada (that provides courses at a post-secondary level) or, fees paid by a deemed resident of Canada, to a post-secondary educational institution outside Canada (that provides courses at a post-secondary level), for courses that are not at the post-secondary school level are eligible for the tuition tax credit if the following conditions are met:
- the individual is 16 years of age or older before the end of the year
- the individual is enrolled in the educational institution to obtain skills for, or improve their skills in, an occupation
If an individual is a qualifying student who receives a scholarship for an occupational skills course, the individual may be eligible to claim a scholarship exemption.
The official tax receipt or form you received from your educational institution will indicate the amount of eligible tuition fees that you paid for that calendar year. To qualify, the fees you paid to attend each educational institution must be more than $100. For example, if you attended two educational institutions in the year, the amount on each of your tax certificates must be more than $100.
You cannot claim the tuition amount on your tax certificate if any of the following applies to you:
- the fees were paid or reimbursed by your employer, or an employer of one of your parents, where the amount is not included in your or your parent's income
- the fees were paid by a federal, provincial, or territorial job training program, where the amount is not included in your income
- the fees were paid (or eligible to be paid) under a federal program to help athletes, where the payment or reimbursement has not been included in your income
For more information, see Amounts which cannot be claimed as tuition fees.
Examination fees for licensing or certification
Examination fees paid to an educational institution, professional association, provincial ministry or other similar institution, to take an occupational, trade or professional examination that is required to obtain a professional status recognized by federal or provincial statute, or to be licensed or certified as a tradesperson, to allow you to practice the profession or trade in Canada, may be eligible for the tuition tax credit.
Ancillary fees or charges exceeding $250 and paid in respect of an occupational, trade, or professional examination are not eligible tuition fees unless they are required to be paid by all individuals taking the examination.
You should be provided with a receipt to substantiate your eligible exam fees. To view the information that should be contained in the receipt go to example of a receipt for licensing examination fee.
Uncashed Cheques through CRA My Account
You might just have money waiting to be cashed!
Quickly see if you have any uncashed cheques from CRA through your CRA My Account.
- Select "Uncashed cheques" in your My Account under related services.
- If you have an uncashed cheque, ask CRA for a duplicate payment by selecting and completing the displayed form.
- Send the form using the "Submit documents" digital service.
It's that simple!
Uncashed cheques from the Canada Revenue Agency
There are many reasons Canadians may have an uncashed cheque from the Canada Revenue Agency (CRA). For example, someone may have moved and not updated their address, or the cheque may have been lost, stolen, or destroyed.
Individuals and their legal representatives can now view their uncashed cheques in My Account and, if necessary, request a duplicate payment.
CRA cheques never expire or become stale-dated. You can cash your CRA cheque at any financial institution in Canada. There is no charge to cash your CRA cheque.
Enhanced Support for Teachers
Education and teachers are really important to us here at Cahill CPA- our partner’s wife Crystal Cahill is a teacher herself! We know firsthand how educators spend so much of their own money on their classrooms & for their students, so we wanted to remind you about the refundable tax credit available to teachers. Although it isn’t much, it could make a small difference to your return this year.
Some important changes or points to note:
- This was previously 15% of your expenses, and is now 25%. Up to a maximum of $1000.
- Even if you taught online/from home, you are able to claim teaching expenses if they facilitated student learning.
- Teaching devices such as video streaming devices, projectors, speakers, etc. that you needed to facilitate at-home learning for your students can be eligible.
- If you purchased masks for your students at your own cost, they can be considered a consumable, eligible expense.
***Please be sure to keep all receipts, and know that you may be asked for confirmation from your employer that you were not reimbursed for the expenses claimed.
As always, let your accountant know at tax time if you are a teacher or educator, and if you have expenses you would like to claim under this support.
Enhanced Support for Teachers
Under current rules, teachers and early childhood educators may claim a 15-per-cent refundable tax credit based on an amount of up to $1,000 in expenditures made in a taxation year for eligible supplies.
Eligible supplies must be purchased for use in a school or in a regulated child care facility for the purpose of teaching or facilitating students’ learning. Eligible supplies include the following durable goods: books; games and puzzles; containers (such as plastic boxes or banker boxes); and educational support software. Eligible supplies also include consumable goods, such as construction paper for activities, flashcards or activity centres.
If you were an eligible educator, you can claim up to $1,000 of eligible supplies expenses.
You are considered an eligible educator if, at any time during the 2021 tax year, both of the following conditions are met:
- You were employed in Canada as a teacher or an early childhood educator at an elementary or secondary school, or a regulated child care facility
- You held a teaching certificate, license, permit or diploma, or a certificate or diploma in early childhood education, which was valid and recognized in the province or territory in which you were employed
Eligible supplies expenses
An eligible supplies expense is the amount that you paid in 2021 for teaching supplies that meet all of the following conditions:
- You bought the teaching supplies for teaching or facilitating students’ learning
- The teaching supplies were directly consumed or used in the performance of the duties of the eligible educator's employment
- You were not entitled to a reimbursement, allowance, or any other form of assistance for the expense (unless the amount is included in the calculation of your income from any tax year and is not deductible in the calculation of your taxable income)
- The eligible teaching supplies expense was not deducted from any person’s income for any year or included in calculating a deduction from any person’s tax payable for any year
Teaching supplies are consumable supplies and prescribed durable goods. Durable goods are:
- books, games, and puzzles
- containers (such as plastic boxes or banker boxes)
- educational support software
- calculators (including graphing calculators)
- external data storage devices
- web cams, microphones and headphones
- wireless pointer devices
- electronic educational toys
- digital timers
- video streaming devices
- multimedia projectors
- laptop, desktop and tablet computers, provided that none of these items are made available to the eligible educator by their employer for use outside of the classroom
Teaching supplies purchased in order to teach from an online platform due to COVID-19 are eligible for this credit if all of the conditions above have been met.
Disposable masks that are not supplied by your school are considered consumable supplies if students are required to wear them in your classroom and all of the conditions above have been met.
The CRA may ask you later to provide a written certificate from your employer or a delegated official of the employer (such as the principal of the school or the manager of the child care facility) attesting to the eligibility of your expenses for the year.