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.
Important Income Tax Deadlines
Feb 22, 2021: Earliest you can file online
***We began filing returns for our clients, and many of you have already connected with our team during this process.
Mar 1, 2021: Deadline to contribute to a RRSP, PRPP, or SPP
Apr 30, 2021: Deadline to file your taxes
***This deadline is not predicted to change (as it did last year) so please ensure you are in touch with our team as soon as possible, so you don’t incur any late filing penalties.
Jun 15, 2021: Deadline to file your taxes if you or your spouse or common-law partner are self-employed
Payment date for 2020 taxes
- Apr 30, 2021: Deadline to pay your taxes
Interest Releif if you received COVID-19 Benefits
Interest relief on 2020 taxes owing will be given to people who have a total taxable income of $75,000 or less in 2020 and received at least one COVID-19 benefit in 2020.
You must file your 2020 tax return to qualify for this interest relief.
For all this information on the CRA Website, click here.
For any questions regarding these dates, or your return, please get in touch with our administrative staff.
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Well isn't this exciting!
Our very own Matthew Jacquet and Tony Elliott grace the pages of CPA BC magazine.
Recently Matthew and Tony were featured on the "Announcements & Accolades" page of the March/April issue.
Cahill Chartered Professional Accountants LLP in North Vancouver would like to announce that Tony Elliott, CPA, CA, and Matthew Jacquet, CPA, CGA, have been named to the firm's partnership. Tony joined the firm in 2018, specializing in assurance and tax. Matthew joined the firm in 2013, specializing in small business accounting
You can read the full issue of In Focus here. CPA BC "In Focus" March/April, 2021. Our announcement is on page 42 of this issue.
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Important Changes to your 2020 Tax Return
There is a lot of confusion this year regarding your 2020 income tax return. With all the changes from CRA, all the talk, and all the news…. there’s no wonder! We are here to help. We will break down some of the changes in our online posts & through our blog, but as always, make sure to ask one of our experienced accountants if you have any questions!
One of the first major topics that we are hearing from clients- is the deadline extended?
The answer is, no. This year CRA has announced that the deadline to file will NOT be extended, so you will need to file by April 30th, 2021.
The next question that follows has been: has the deadline to PAY any taxes owing been extended?
The answer is, yes...for some people. If you received Covid-19 benefits, and had a taxable income of $75,000 or less, CRA is providing Canadians with interest relief. If you are eligible, this relief will be automatically applied on your taxes owing.
According to CRA
Interest relief will be given to individuals who meet all of the following:
- Your total 2020 taxable income was $75,000 or less
- You received at least one COVID-19 benefit in 2020:
- Canada Emergency Response Benefit (CERB)
- Canada Emergency Student Benefit (CESB)
- Canada Recovery Benefit (CRB)
- Canada Recovery Caregiving Benefit (CRCB)
- Canada Recovery Sickness Benefit (CRSB)
- Employment Insurance (EI) benefits
- Provincial or territorial emergency benefits
- You filed your 2020 income tax and benefit return
- You have a balance owing for your 2020 taxes
So make sure to file your income tax return by the deadline (April 30th, 2021) and check your correspondence from CRA for information on taxes owing & deadlines.
For the full CRA link to this information- Click Here.
Finally, if you are worried about your ability to pay taxes owing, make sure to check out the options through CRA. If you cannot pay in full by the deadline, CRA does offer some payment arrangements. Visit this page to see your options for payment.
Over the coming weeks, we will continue to post more about your 2020 tax return, changes, important deadlines, and more. Check back, follow us on facebook, instagram and/or twitter, and contact us if you have any specific questions! We look forward to working with you this tax season (and beyond!).
THANK YOU, THANK YOU!
North Shore's FAVOURITE Accountant
We are so thankful for all the support from our North Shore community! Cahill CPA is the leading accounting firm on the North Shore, providing exceptional service to all of our personal & corporate clients. Thank you for voting us your favourite accountant for the third year in a row!
We recently added two new partners to our firm- Matthew Jacquet and Tony Elliott. Matthew has been with Cahill CPA since 2013, and Tony joined us in 2018. We are so happy to have these experienced, professional, and hardworking accountants join our team of partners.
We would also like to recognize our amazing office manager Shannon Hampton. She is an integral part of our team, and our clients always get the most friendly, professional service from her. Thanks for all you do Shannon!
Cahill CPA offers remote, online services, to safely file your income tax return this year. We hope to connect with our clients, new and returning, in the coming weeks as we approach tax time!
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RRSP's and TFSA's
We get a lot of questions year round on RRSP’s and TFSA’s- and often our clients aren’t quite sure the difference between the two. Understandable!
We recently came across this article posted by CPA BC, and it breaks it down quite simply:
Know the difference between a RRSP and a TFSA
The RRSP is a government-registered retirement savings plan that you open at a financial institution such as a bank or wealth management firm, and to which you and your spouse/common-law partner can make contributions. RRSP contributions can be used as deductions to reduce your tax annually. Any income you earn in your RRSP is usually tax exempt, if the funds remain in the plan, but you will have to pay tax when you make withdrawals (with some exceptions, such as buying your first home).
Put simply, a RRSP is a tax-deferring vehicle. The key concept here is that your income tax rate should be lower when you retire than when you are working. Therefore, you are better off seeking the benefits of the tax reduction now and paying it in retirement when your income and tax rate is typically lower.
Many are confused about the Tax-Free Savings Account, TFSA, and its purpose. The TFSA began in 2009 as a way for Canadians 18 and older to set money aside tax-free throughout their lifetime. But the TFSA isn’t just a savings account. Treat your TFSA as an investment vehicle instead. Any amount contributed and any income earned in the account, such as investment income and capital gains, is generally tax-free, even when it is withdrawn.
Remember, your RRSP contribution looks backwards and it is calculated based on your previous year's income. Your TFSA is based on a go-forward basis, but both are cumulative. The difference between the two is how you are taxed (or not taxed) when you eventually access your funds.
The deadline to contribute to your RRSP for the 2020 tax year is March 1, 2021. Make sure to contact us with any questions prior to this deadline.
RRSP and TFSA: 4 things every Canadian should know about by Jeff Brown Article Link
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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
- 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 finding that last year was one of their most unique and busiest years yet! Even more reason to find a trusted accountant to help you with your accounting.
Get in touch:
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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 be done with a simple search on the CRA website. Link here.
- Find their financial statements
- Review how much percentage of your giving goes directly to the cause.
- Look for results. Do some research on what this charity is doing with their donations, and see if they are forthcoming with examples of how they are spending the donations.
To read the full article:
Online Tax Credit Calculator:
Another interesting online tool is the tax credit calculator. The Red Cross has a simple to use online calculator to determine how much tax credit you could receive depending on the size of donation.
Cahill CPA Can Help!
Make sure to let us know when we are preparing your return, if you have made charitable donations this past year. We can help you determine how much to claim on your income tax return, what you might wish to carry over for next year, and give you advice on how best to maximize your donations in the future.
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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 with us.
If you have any queries, please contact us at .
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 local economy. 1861 business listed (with more added each day).
If you are a local BC business, make sure to add your profile to this great resource and make your information easily accessible to those looking to support local! Register YOUR business by clicking here.
Cahill CPA can also be found on BC Marketplace, so if you’re looking for a local BC Accountant, you can find more information about us: https://marketplacebc.ca/marketplace/cahill-cpa/
Making supporting our local economy even easier- BC Marketplace!
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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. Our accountants will be aware of this deduction come tax time, but it is always a good idea to let us know if you began working from home in 2020 (especially if this has changed from years passed).
Although the amount available to claim might not seem like a lot to some, every dollar can make a difference come tax time. According to the CRA: a “new temporary flat rate method" will allow eligible Canadians to claim a deduction of $2 for each day they worked from home because of COVID-19 up to a maximum of $400.
For this simplified method, our clients will not require their employers to sign any additional documents. In addition, you do not need to keep any supporting documents or receipts, and you do not need to calculate the size of your work space.
One important thing to remember- if you have larger claims for your home office expenses, you can still use the previous detailed method. Our accountants can help you determine which method makes sense for you, and will be able to provide more detailed information based on your situation. We will also be able to assist you with the necessary tax forms for you and your employer. Under the previous method (when claiming larger expenses), you will need to keep supporting documents, calculate the size of your home workspace, etc. So it is important to know which deduction method you will be using, so you know what type of information to keep.
As many Canadians have chosen or been required to work from home this year, we hope that this information may be helpful. It is always a good idea to keep all documents, receipts, and information you think might be helpful come tax time. It’s better to be prepared for all situations.
Let us know if you have any questions regarding home office expenses- and again, make sure to let us know if you wish to claim these expenses come tax time.
604-985-0123 North Vancouver Office www.CahillCPA.ca
“Working from home this year?” CTV News Article: December 15th
“Millions of Canadians working from Home” CBC News Article: December 15th