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

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

johnlock wrote: ↑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.

XtremeModder wrote: ↑In Canada, lottery/gambling winnings as far as I know do NOT need to be reported.

professional gambling isn't exempted.

I'm earning income online, can CRA tax me?

darkeclipse wrote: ↑I'm earning income online, can CRA tax me?

Ebay discloses monthly revenue to the CRA and IRS.

JamesCPA wrote: ↑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.....

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 ?

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?

Aj8888 wrote: ↑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.

aj8888 wrote: ↑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

dutchca wrote: ↑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?

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.

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...

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.

Stupid question...

(re: Pension Adjustment - Box 52 on the T4)...

Isn't it the sum of my contributions and my employers contributions to my RPP? - I am in a "Money Purchase Plan".

Aj8888 wrote: ↑Can I claim gas and maintenance expenses?

I would think so. If you are reporting the income you should be able to deduct legitimate operating expenses.

goeland wrote: ↑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.

You are wise not to claim CCA as you will no doubt have recapture if you do.

You might find this link helpful (I know it is talking about cottages, but the same would apply).

http://www.bdo.ca/en/Library/Services/T ... costs.aspx

dutchca wrote: ↑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.....

Definitely - and it has happened. The OP can read all about it in the disciplinary notices that have been published over the years. My husband is a CA who worked for many years for a public accounting firm. His only clients were the firm's clients.