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.
Convenient & Professional Services
Empty Homes Tax- January 2017
Beginning in January 2017, an annual "Empty Homes Tax" will be applied annually to homes that are deemed to be empty in the city of Vancouver. Many people will not have to worry about this tax, as it will not apply to those owners who reside in their homes full-time or who have long-term renters. To see if this tax applies to you, the City of Vancouver has created a simple questionnaire:
http://vancouver.ca/home-property-development/empty-homes-tax-questionnaire.aspx
There are many exemptions to this tax, however in some cases, owners must submit evidence to the city in order for them to be exempt. For example, if you are currently undergoing large renovations and are not living in your home, your property has been subject to rental restrictions recently, or ownership of the property has recently changed, you will need to provide specific evidence to the city promptly.
Other cases that are eligible for exemption, granted the correct information is provided, include:
- Your home is being used for a minimum of six months of the year for work purposes within the City of Vancouver, but you claim your principal residence elsewhere.
- You or your tenant is receiving long-term, in-patient medical or supportive care.
- The owner is deceased and a grant of probate or administration is pending.
- Your property is under a court order prohibiting occupancy.
- The property's use is limited to vehicle parking, or the shape, size, or other aspect of the property precludes the ability to construct a residential building.
The City of Vancouver website provides this list, along with all the necessary information to submit evidence for exemption, on their website.
http://vancouver.ca/home-property-development/will-your-home-be-taxed.aspx
If you are concerned about how this will affect you and your current property, our team at Cahill Professional Accountants will be happy to answer any questions you might have.
Principal Residence Tax Changes: Not just Affecting Foreign Investors
According to a report by Globe and Mail (by: Tim Cestnick) "The tax rules around principal residences are so complex that many Canadians simply don’t recognize when they might owe tax when they sell a property. Many have assumed that every sale of a residence is always tax-free thanks to the principal-residence exemption (PRE). And the taxman has not required Canadians to report the sale of a principal residence if the PRE will shelter the full gain from tax. The result has been that many have sold residences, have not reported the sale, have paid no tax, even in situations where tax should have been owing. These dispositions have gone largely undetected by the taxman. That’s changing."/p>
So, what does this mean for our clients? Under these new rules, you are now required to report every sale of a principal residence on your 2016 tax return (even if you don't owe tax). Understanding the principal residence rules can be quite complicated, and that it why it is very important to discuss any changes to property with your accountant come tax time. We've also had clients in Vancouver and North Vancouver contact us regarding concerns about what type of documents to keep regarding the sale of their property. We remind these clients that keeping all receipts and invoices, and any other documents related to the sale or transfer of property is helpful. /p>
Our accountants have been following these developments closely, and are happy to answer any questions you might have. /p>
**Globe and Mail Article: http://www.theglobeandmail.com/globe-investor/personal-finance/taxes/how-new-tax-changes-will-impact-every-canadian-homeowner/article32271116/
CPA the ONE National Conference- Vancouver
Our CPA's Jordan Cahill and Matthew Jacquet attended the National CPA Conference held at the Vancouver Convention Centre. This gave both Jordan and Matthew an opportunity to attend keynote addresses and various sessions to stay current on all things business and accounting related! Below are just some of the key things that Jordan and Matthew brought back to the North Vancouver office last week:
- They gained new information regarding retirement, especially in reference to people who begin thinking about retirement later in their careers.
- They learned about how new 2016 budget changes and tax changes might have an affect on their clients.
- They gathered some new tips on producing financial statements for their clients that are easier to understand.
Jordan and Matthew networked with many professionals in various areas of Canadian business, and enjoyed meeting local business owners.
Attending conferences like these is just one way that Cahill Proffesional Accountants stays current and on top of new opportunities to better serve their current and new clients.
