Personal Finance

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

  • Last Updated:
  • Mar 4th, 2021 10:59 pm
[OP]
Newbie
Feb 3, 2016
58 posts
70 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!
5144 replies
Newbie
May 18, 2008
44 posts
24 upvotes
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 Guru
Aug 14, 2007
10863 posts
2002 upvotes
Toronto
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.
Deal Addict
Dec 10, 2012
3492 posts
870 upvotes
Canada
XtremeModder wrote: 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
462 posts
155 upvotes
Ottawa
darkeclipse wrote: I'm earning income online, can CRA tax me?
Ebay discloses monthly revenue to the CRA and IRS.
Deal Fanatic
User avatar
Jan 27, 2007
5076 posts
934 upvotes
Peterborough
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.....
[QUOTE]I know you are, but what am I.... ;) [/QUOTE]
Deal Addict
Mar 8, 2013
2682 posts
1379 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
177 posts
61 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 Fanatic
User avatar
Jan 27, 2007
5076 posts
934 upvotes
Peterborough
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.
[QUOTE]I know you are, but what am I.... ;) [/QUOTE]
Member
Aug 17, 2008
480 posts
201 upvotes
Quebec
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
Jr. Member
Sep 25, 2013
177 posts
61 upvotes
Toronto
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?
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
9 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
4125 posts
949 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.
Deal Fanatic
Mar 6, 2004
9318 posts
203 upvotes
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".
vero95: :facepalm:
Deal Fanatic
User avatar
Dec 27, 2009
7180 posts
4361 upvotes
Victoria, BC
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.
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User avatar
Dec 27, 2009
7180 posts
4361 upvotes
Victoria, BC
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
Deal Addict
Jan 28, 2014
3409 posts
647 upvotes
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.
Deal Guru
User avatar
Jan 27, 2004
14538 posts
3498 upvotes
receipt for expenses...can you define how's a valid receipt like?

like someone bought a receipt book from Dollarama and wrote a receipt to you...will CRA accept that?
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