Accounting and Taxes Thread

[Locke]

Originally Posted by Jason14h

The good news is it only cost $20 million to make !

I was half-tempted to just mess with it. I was doing a return this morning for a client that has a rental property in Scotland...come on off-brand Clippy...teach me how to do this!

I mean...I already know how to do it, I've done it many times but I'd be interested to see what kind of advice this stupid chatbot would give me.

If I had to hazard a guess I'd wager their advice would be 100% Bull####.

[Mightyfire89]

I drive a handivan for a charitable organization and get paid monthly by cheque. The person who runs the org says they don’t provide any info to the government nor do they provide a T4. My question is: Do I need to include these earnings on my tax return? When I plug it into tax software as an independent contractor, I’m taxed at nearly 25%, which seems steep.
Any help?

[DoubleF]

Originally Posted by Mightyfire89

I drive a handivan for a charitable organization and get paid monthly by cheque. The person who runs the org says they don’t provide any info to the government. My question is: Do I need to include these earnings on my tax return? When I plug it into tax software as an independent contractor, I’m taxed at nearly 25%, which seems steep.
Any help?

Ignoring the employee vs contractor stuff, you'd input it in the return either way. The only question is where (ie: T slip vs other income vs T2125 self employment etc.).

Taxed at around 25% sounds about right. Lowest tax brackets are 14.5% Federal and 8% Provincial for Alberta.

[Locke]

And...depending on other factors within your Return you could be paying CPP, if its as a Sole-Proprietor then twice, which bumps up the owing amount.

[kipperiggy]

Originally Posted by Qwerty

I have a wife/daughter that are celiac, I was looking to claim the incremental difference in the cost of regular vs gluten free. We tracked it throughout the year, it is under the threshold for medical expenses so it seems I am not getting any credit for it. Is there a special line to put this to? 33099 won't give me any actual refund. Google tells me that unless its over the lessor of 3% of net income or $2834 I am SOL.

I feel I wasted a lot of time highlighting receipts and tracking every purpose for no reason!

Just wanted to make sure there isn't a special spot to put this or something....

I am also celiac. Celiac Canada is advocating for a flat tax credit. Sign the petition! https://www.celiac.ca/tax-fairness-and-affordability/

[Shazam]

Where the hell is my lactose-free tax credit then.

[DoubleF]

Originally Posted by Qwerty

Why did I think the CRA wouldn't be complete morons with this policy..... I was already comparing prices vs no frills so not sure I can get much cheaper. I also love how it says to only include the portion that the gluten free people ate. This could be the dumbest policy ever. The amount of work on both ends (I assume they will audit this when you get just above the threshold) is such a waste of time/money.

Our tax dollars hard at work as always.

Yeah I've seen the tracking. It's dumb. Basically small business bookkeeping.

Has anyone ever tried resources like the glutax app? Supposed to auto calculate differences after scanning grocery receipts. I wonder if there's others out there.