Personal Finance

Tax time! I'm a public accountant, so ask me, I'll try to respond frequently

  • Last Updated:
  • Dec 13th, 2017 8:37 pm
[OP]
Newbie
Feb 3, 2016
58 posts
22 upvotes
Richmond Hill, ON

Tax time! I'm a public accountant, so ask me, I'll try to respond frequently

Hi everyone,

I'm a chartered accountant working in a public accounting firm

I know many of you file your own returns, so if you meet any questions, big or small, I'll try my best to answer them. If it is personal/urgent, feel free to pm me...

Things get busier lately, couldn't response every day. Thanks to buddies who helped answering questions!
1178 replies
Newbie
May 18, 2008
3 posts
1 upvote
i got a question, how do i report my gambling winning... what's the tax rate on those?\

and is there a way I can hide it lol
Deal Fanatic
Aug 14, 2007
8346 posts
646 upvotes
Toronto
johnlock wrote:
Feb 12th, 2016 1:29 am
i got a question, how do i report my gambling winning... what's the tax rate on those?\

and is there a way I can hide it lol
In Canada, lottery/gambling winnings as far as I know do NOT need to be reported.
Deal Addict
Dec 10, 2012
3183 posts
601 upvotes
Canada
XtremeModder wrote:
Feb 12th, 2016 1:54 am
In Canada, lottery/gambling winnings as far as I know do NOT need to be reported.
professional gambling isn't exempted.
Member
Dec 26, 2013
298 posts
61 upvotes
darkeclipse wrote:
Feb 12th, 2016 2:22 am
I'm earning income online, can CRA tax me?
Ebay discloses monthly revenue to the CRA and IRS.
Deal Addict
User avatar
Jan 27, 2007
4860 posts
818 upvotes
Peterborough
JamesCPA wrote:
Feb 12th, 2016 12:56 am
Hi everyone,

I'm a chartered accountant working in a public accounting firm, also doing a side job for my own individual and corporate clients.

I know many of you file your own returns, so if you meet any questions, big or small, I'll try my best to answer them.
I think you mean you are a CPA. Also - watch yourself, if carrying on a business you need to carry adequate insurance. If you are doing taxes AND holding yourself out to be a CPA/CA you can get yourself into trouble with the institute pretty quickly. Not to mention your firm may be pissed if they dont know about it and you are undercutting their rates.

There are usually way too many issues doing others taxes as a CPA outside a firm to make it worthwhile. Friends and family are different.....
[QUOTE]I know you are, but what am I.... ;) [/QUOTE]
Deal Addict
Mar 8, 2013
1528 posts
436 upvotes
T2125 Business. What exactly does the following mean?
"Quick Method - For each applicable remittance rate, include (sales, commissions and fees eligible for the Quick Method plus GST/HST collected or collectible) multiplied by Quick Method remittance rate"

e.g. one remittance rate
sales, commissions and fees eligible for the Quick Method = $100,000
HST collected = $13,000
Quick Method remittance rate = 8.8%

Is it 8.8% x $100,000 or 8.8% x $113,000 ?
Jr. Member
Sep 25, 2013
145 posts
23 upvotes
Toronto
I do uber part time....I did not get a T4 from them and they never asked for my sin number...How do I report income?
Deal Addict
User avatar
Jan 27, 2007
4860 posts
818 upvotes
Peterborough
Aj8888 wrote:
Feb 12th, 2016 8:22 am
I do uber part time....I did not get a T4 from them and they never asked for my sin number...How do I report income?
T2125. Yes, report it. Once Uber is approved in Toronto I suspect CRA will be reassessing ten of thousands of drivers.
[QUOTE]I know you are, but what am I.... ;) [/QUOTE]
Member
Aug 17, 2008
447 posts
171 upvotes
Quebec
aj8888 wrote:
Feb 12th, 2016 8:22 am
i do uber part time....i did not get a t4 from them and they never asked for my sin number...how do i report income?
t2125
Jr. Member
Sep 25, 2013
145 posts
23 upvotes
Toronto
dutchca wrote:
Feb 12th, 2016 8:28 am
T2125. Yes, report it. Once Uber is approved in Toronto I suspect CRA will be reassessing ten of thousands of drivers.
Can I claim gas and maintenance expenses?
Newbie
User avatar
Oct 14, 2005
23 posts
2 upvotes
Ottawa
I just bought a rental property last year, and I did some renovation to rent it out. However, I do not want to claim CCA since I dont want hit by CCA recapture in the furture. SO Can I still add the renovation expense to the house cost when I sell it higher than current price?

Thanks.
Sr. Member
Sep 11, 2003
800 posts
8 upvotes
Toronto
My oldest child is in a private montessori and is the equivalent of Senior Kindergarten. How much of this cost can I deduct and where? I have previously deducted as child care expense in previous years but ever since she graduated to JK/SK, I thought I couldn't deduct the full amount anymore. However, someone I know says she has been able to deduct the full amount for her child (a bit older than mine) in the past but I want to know the logic behind that...
Deal Addict
Jul 29, 2006
3475 posts
401 upvotes
Hey James - Wondering if you can help out with this messy situation.

GF and I bought a house in Sept 2015 which we live in.
We're currently (started in late 2015) renovating our basement to rent. Will any of these costs be tax deductible in 2015? or at all since we don't have a tenant yet?
GF and I share a condo rental property (99% her and 1% me).
GF owns another condo which her sister is currently occupying (she doesn't receive any rental income). Does she need to report any rental income here? Her parents pay for the mortgage/expenses for this unit.

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