Entrepreneurship & Small Business

Taxation - answering any questions here

  • Last Updated:
  • May 29th, 2020 2:04 pm
Newbie
Mar 5, 2020
14 posts
1 upvote
Looking at the statement of business activities schedule provided by the CRA there is no computer related expense line. Do you mean to list it as an other expense? If so, why not legal, accounting and other professional fees since this went towards an hourly wage for a developer? Maybe I'm overthinking it.

https://www.canada.ca/content/dam/cra-a ... 25-19e.pdf
Jr. Member
Jan 18, 2017
183 posts
137 upvotes
GIFI Code 9150 on the T2.

If you're looking at the T2125, I'd include it as "other" most likely, just to differentiate between Legal/Accounting.

You could also throw it in as Line 8810 as office expenses.

Regardless, it's an expense, not a fixed asset. So no CCA etc.

BleedingBalls wrote: Looking at the statement of business activities schedule provided by the CRA there is no computer related expense line. Do you mean to list it as an other expense? If so, why not legal, accounting and other professional fees since this went towards an hourly wage for a developer? Maybe I'm overthinking it.

https://www.canada.ca/content/dam/cra-a ... 25-19e.pdf
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Canadian & US tax guy
Newbie
May 11, 2016
9 posts
3 upvotes
Hi, my question is more so related to CRA. I’ve completed my tax and remitted payments. However I sent the tax, interim tax and HST under incorrect end period but correct account. What happens to the funds now? Will they still apply to correct account? Appreciate any answers!
Newbie
Mar 5, 2020
14 posts
1 upvote
So I have $1,600 in business-use-of-home expenses and $2,848.43 of CCA related expenses. I'm a bit confused how I should enter this on my T2125. It says the CCA expense is reduced by business-use-of-home expenses...so should I expense ($2,848 - 1,600) = $1248 as CCA and $1600 for business-use-of-home expenses?

Am I allowed to carry forward the unused portion? Or is that bit a cost to recognizing both CCA expense and business-use-of-home expense?
Newbie
Feb 7, 2019
75 posts
26 upvotes
Hi there.
Quick question - my business end year is January 31. I had invoiced a client before end-year (and the work I did for them took place and was completed before the end of the last fiscal year). However, their payment was delayed because of a bank issue and I received in the current fiscal year.
For tax return purposes, should I report this income under last fiscal year or current fiscal year?
Thanks!
Deal Addict
User avatar
May 22, 2005
2823 posts
381 upvotes
Not sure if this is the best thread to post in, but as "simple" as my tax scenario seems, this is the first time I'm submitting a return with self-employed income with a US-based employer (it gets more convoluted from there).

Any suggestions for a good accountant with US/Canadian tax knowledge that won't break the bank?
Newbie
Mar 5, 2020
14 posts
1 upvote
I was tipped after answering an income tax question. Should I provide them with a receipt? Is this still part of being a deductible expense as per preparing/filing income taxes?

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