Accounting Services, Vancouver
Crystal Cahill

Crystal Cahill

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.

Tuesday, 08 February 2022 11:43

Justin Mcintyre

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!

Tuesday, 08 February 2022 11:42

Lindsey Abbott

Exceptional service from an extremely proficient team. I will definitely use this company again

Tuesday, 08 February 2022 11:42

Bryan Shane

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.

Tuesday, 08 February 2022 11:40

Karina M.

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!

Monday, 07 February 2022 16:32

Tuition Tax Credit

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.

 

Thursday, 03 February 2022 13:33

Uncashed Cheques from CRA

 

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. ⁠

  1. Select "Uncashed cheques" in your My Account under related services. ⁠
  2. If you have an uncashed cheque, ask CRA for a duplicate payment by selecting and completing the displayed form.
  3. Send the form using the "Submit documents" digital service.⁠

    It's that simple!⁠

 Source: CRA Website

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.

 

Thursday, 03 February 2022 13:10

Enhanced Support for Teachers

 

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. 

From the CRA Website: Source 

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.

Eligible educator

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
  • speakers
  • video streaming devices
  • multimedia projectors
  • printers
  • 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

Notes

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.

 

 

Thursday, 03 February 2022 12:39

Update For Home Office Expenses

 

Update For Home Office Expenses

Here’s the breakdown.

Basically, if you worked from home this last year due to Covid-19, you may be eligible to claim home office expenses. Good news: the flat rate method is UP this year- meaning you can now claim up to $500 (up from $400). 

This is an important expense to discuss with your accountant come tax time, and we can help you determine if you are eligible to claim, how much, and how it will impact your return. 

Here are the details from CRA:

Changes to the Temporary Flat Rate Method:

The temporary flat rate method simplifies your claim for home office expenses. You are eligible to use this method if you worked more than 50% of the time from home for a period of at least four consecutive weeks in the year (2020, 2021, or 2022) due to the COVID-19 pandemic. You can claim $2 for each day you worked from home during that period plus any additional days you worked at home in the year due to the COVID-19 pandemic. The maximum you can claim using the temporary flat rate method is up to $400 (200 working days) per individual in 2020 and up to $500 (250 working days) per individual in 2021 and in 2022.

Source: CRA Website

 

 

Tuesday, 18 January 2022 14:06

CRA E-Services for Businesses

Find all the e-services available to you and your business here: CRA E-Services 

Below we've listed many of the services and programs available to you online, through your CRA My Business Account. For the extensive list, be sure to check their website. If you have any questions about online services for your business, don't hesitate to ask. 

From CRA: 

Our online services make it faster and easier to handle your company's tax matters. You, your employee, or your representative can file, pay, and access detailed information about your tax accounts - all online, all at your fingertips. Save time - go online!

What can you do on your CRA My Business Account?

Programs

 

  • Manage addresses
  • Manage owner phone number
  • Manage notification preferences
  • Manage direct deposit
  • Manage authorized representatives
  • Manage business number(s) in your profile
  • Manage program account name
  • Manage language preference
  • Modify CRA security options
  • Manage operating names
  • Submit documents
  • View mail
  • Message centre
  • Audit enquiries
  • Direct deposit transactions
  • Outstanding returns and balances
  • Filing and balance confirmation
  • Manage pre-authorized debit
  • Open a non-resident tax account
  • Provincial Partners – Nova Scotia

GST/HST

 

  • File a return
  • View expected and filed returns
  • Adjust a return
  • File a rebate
  • View rebate status
  • Adjust a PSB rebate
  • File an election
  • View elections
  • View and pay account balance

Corporation Income Tax

 

  • Transmit a return
  • View return status
  • View return balances
  • View and pay account balance
  • View special elections and returns (SER)
  • Register a formal dispute (Notice of Objection)
  • View direct deposit transactions
  • Calculate instalment payments
  • Enquiries service
  • Request to close corporation income tax account

 

  • Register a formal dispute (Notice of Objection)
  • View direct deposit transactions
  • Calculate instalment payments
  • Enquiries service
  • Close GST/HST account

Payroll

 

  • File a return
  • View return details
  • Provide a nil remittance
  • Respond to notices
  • PIER overview
  • Request to close payroll account
  • View and pay account balance
  • View remitting requirements
  • Register a formal dispute (Appeal)
  • Request a payment search
  • Request a refund
  • Transfer a misallocated payment
  • Download reports
  • Request a CPP/EI ruling
  • Request a CPP/EI refund

 

 

 

If you are a business owner, and have thought about passing along your business or shares of your business to a family member, this announcement is for you! 

According to a recent article in MoneyWise by Clayton Jarvis, there have been recent changes that will make a big difference to the selling of shares of your business to a family member. 

Below are some of the key points to note. If you have questions about this, and how it could impact your business & your family, be sure to ask us. 

Excerpts from: New law means significant tax relief when you pass your business on to your kids by Clayton Jarvis. 

Read the full article here. 

Bill C-208 was given royal assent, becoming Canadian law and amending the ITA, in June 2021. Families looking to transfer shares of family farms, fishing corporations or small business corporations to their children and grandchildren are now in line for what could be significant tax relief.

Now that sales of company shares to family members receive capital gains treatment, sellers may also be able to take advantage of the lifetime capital gains exemption (LCGE), which allows them to realize tax-free capital gains on proceeds totalling up to $892,218 for the 2021 tax year, if the asset being sold qualifies.

Bill C-208 only extends to certain types of businesses: family farms, fishing corporations and “small business corporations”, which don’t necessarily need to be small, but they do need to be private and Canadian in order to receive the new tax treatment.

They also need to be active. A corporation that owns an investment portfolio or a collection of apartment buildings, for example, doesn’t qualify.

“For purposes of a sale just getting capital gains [treatment], you'd want to make sure that the corporation that is buying your shares is buying small business corporation shares, not publicly-traded entities, not U.S.-owned businesses,” Leve says.

For more information, give us a call or send us an email. We would be happy to answer any questions, and help you with this process. 

www.CahillCPA.ca

604-985-0123

 

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