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Lil' Miss Mia

Retiring August 31st
Dec 10, 2004
112
1
0
North York
www.sweetlilmia.com
Madison Doll and I were wondering if any SPs out there file taxes, how they go about doing it, and if there are any accountants out there that do this for SPs and are (somewhat) familiar with the industry, enough so to advise us and keep us safe. I myself am afraid of being audited. Any advice?
 

Lil' Miss Mia

Retiring August 31st
Dec 10, 2004
112
1
0
North York
www.sweetlilmia.com
Looking 4 An Accountant

----------------------------------------------------------------------------Thought maybe I should post this here too----

Madison Doll and I were wondering if any SPs out there file taxes, how they go about doing it, and if there are any accountants out there that do this for SPs and are (somewhat) familiar with the industry, enough so to advise us and keep us safe. I myself am afraid of being audited. Any advice?
 

earl

New member
Aug 30, 2004
17
0
0
Toronto
Paying taxes

Yes, you should file you taxes. Remember Al Capone.
Simply, you are self-employed individual, which means that you will file an income statement with gross revenue less expenses (rent, cell phone, advertising, ect.) and you will pay income tax on your net earnings.

Other issues are:
You will also Pay CPP on your net earnings.
Depending on the type of service that you are providing, if your gross revenue is over $30,000, you may have to pay GST.

I hope this helps.
 

Capri

New member
Jan 25, 2005
3
0
0
I also need to speak to an accoutant about how to file. If someone can please pm me too.

Thank You :)
 

yennut

Banned
Jan 18, 2004
74
0
0
www.art-5.com
Are u nuts? You are in a cash business. Why on earth would you file a tax return declaring this income. Income for other sources fine, but this all falls into the black market category. Next thing you know you'll be charging your clients GST and PST. Just keep your money and as far as audits go, it is up to Revenue Canada to find any wrong doing not you to disprove it. By the way I am cpa and will definitely give you personal tax advice if you pm me.
 

yennut

Banned
Jan 18, 2004
74
0
0
www.art-5.com
Earl you are an idiot. Never ever file taxes on cash earnings. Remember nice guys finish last and as for the comment on AL Capone, onthing could be further from the truth. Capaone filed taxes and underreported. That is how he got nailed. If he had been given proper tax advice and not filed or claimed any cash income he would never have been nailed. Remember cash is KING and Rvenue Canada doesn't have to get any of it from us.
 

dreamer

New member
Sep 10, 2001
1,164
0
0
Maple
yennut said:
Are u nuts? You are in a cash business. Why on earth would you file a tax return declaring this income. Income for other sources fine, but this all falls into the black market category. Next thing you know you'll be charging your clients GST and PST. Just keep your money and as far as audits go, it is up to Revenue Canada to find any wrong doing not you to disprove it. By the way I am cpa and will definitely give you personal tax advice if you pm me.
Wow, great advise from a "cpa"

There are many reasons why someone wants to file a tax return. As for "it is up to Revenue Canada to find any wrong doing not you to disprove it" I would hate to be your client if the CRA came knocking.
 

dreamer

New member
Sep 10, 2001
1,164
0
0
Maple
yennut said:
Earl you are an idiot. Never ever file taxes on cash earnings. Remember nice guys finish last and as for the comment on AL Capone, onthing could be further from the truth. Capaone filed taxes and underreported. That is how he got nailed. If he had been given proper tax advice and not filed or claimed any cash income he would never have been nailed. Remember cash is KING and Rvenue Canada doesn't have to get any of it from us.
People who live on cash get caught all the time not filing returns. In fact, if you are unlucky to be picked there are so many ways to figure out your income. Of course, if you are living in your parent's basement and spend on your money on pot you have nothing to worry about :)
 

holden

New member
Aug 7, 2003
1,023
0
0
I don't really know
yennut said:
Earl you are an idiot. Never ever file taxes on cash earnings. Remember nice guys finish last and as for the comment on AL Capone, onthing could be further from the truth. Capaone filed taxes and underreported. That is how he got nailed. If he had been given proper tax advice and not filed or claimed any cash income he would never have been nailed. Remember cash is KING and Rvenue Canada doesn`t have to get any of it from us.
:rolleyes:

https://terb.cc/vbulletin/showthread.php?t=78420
 

holden

New member
Aug 7, 2003
1,023
0
0
I don't really know
yennut said:
By the way I am cpa and will definitely give you personal tax advice if you pm me.
What does a US accounting designation (CPA) have anything to do with canadian taxes.

What kind of professional tells people to not report income
 

bornonaug9

Member
Jan 21, 2003
374
0
16
Toronto
yennut said:
Are u nuts? You are in a cash business. Why on earth would you file a tax return declaring this income. Income for other sources fine, but this all falls into the black market category.
You cannot deposit the money into your bank account because it raises attention under "money laundering" guideline. I know at least two dancers have open saftey deposit boxes to keep their money. Filing a tax return will legimize the money, you do not have declared all the income but "industry average" amount, and deducted certain expenses as well.

yennut are you booksmart or streetsmart?
 

yennut

Banned
Jan 18, 2004
74
0
0
www.art-5.com
It is people like Holden who will never have anything in their lives. Remember nice guys finish last. Do you actually believe that politicians in Ottawa or Washington got to where they are by doing everything above board. You have got to stop thinking in such a naieve way and you too will come out ahead in the long run. Remember it is better to live one day as a lion than 100 years as a sheep and you my friend are headed for sheepdom. Continue doing everything above board and see where it will get you. Furthermore sp are earning their livlihoods in a very grey area of the law so why wouldn't I give them advice such as I did.
 

dreamer

New member
Sep 10, 2001
1,164
0
0
Maple
yennut said:
Continue doing everything above board and see where it will get you. Furthermore sp are earning their livlihoods in a very grey area of the law so why wouldn't I give them advice such as I did.
I know dancers who have followed your advise and have nothing.

I know dancers who file tax returns in a "practical" way and they have a house, a car, and peace of mind.

Like I said in a previous post, there are many reasons to file taxes. Being under the radar your whole life accomplishes nothing.
 

holden

New member
Aug 7, 2003
1,023
0
0
I don't really know
yennut said:
It is people like Holden who will never have anything in their lives. Remember nice guys finish last. Do you actually believe that politicians in Ottawa or Washington got to where they are by doing everything above board. You have got to stop thinking in such a naieve way and you too will come out ahead in the long run. Remember it is better to live one day as a lion than 100 years as a sheep and you my friend are headed for sheepdom. Continue doing everything above board and see where it will get you. Furthermore sp are earning their livlihoods in a very grey area of the law so why wouldn't I give them advice such as I did.
Like I said previously, what kind of professional are you?

If you have to resort to hiding cash from the tax agency instead of proper tax planning to acquire wealth, then you are in the low end of the spectrum - what they call skid-ville.

As far as my finances, I do well enough.

Btw, if you think commiting tax evaison is the equivalent of ceasing the day(live one day as lion vs 100 as sheep), I feel bad for you - you really haven't lived if you still need to cling to or concern yourself with material wealth.
 

Pedro Sanchez

Vote for Pedro
Feb 9, 2005
372
0
16
Lil' Miss Mia said:
Madison Doll and I were wondering if any SPs out there file taxes, how they go about doing it, and if there are any accountants out there that do this for SPs and are (somewhat) familiar with the industry, enough so to advise us and keep us safe. I myself am afraid of being audited. Any advice?
Hide it under your mattress!?!

Pedro
 

shari

New member
Sep 14, 2004
2
0
0
I would also like to know more information on filing taxes for cash earning income. I always thought the gov't will only come after you if you haven't filed in years...or do they even bother ?
 

dreamer

New member
Sep 10, 2001
1,164
0
0
Maple
shari said:
I would also like to know more information on filing taxes for cash earning income. I always thought the gov't will only come after you if you haven't filed in years...or do they even bother ?
first, you do not have to file if you do not owe taxes, however you will have to file if you receive an official request (by letter)

you usually get caught if you have a bank account, credit cards, own assets, or the favorite one, someone reports you
 

yennut

Banned
Jan 18, 2004
74
0
0
www.art-5.com
First of all I am both boo and streetsmart. As for the dancers who put their money into safety deposit boxes and now have nothing to show for it, I can only deduce that they must have been crackheads or addicted to something else. We are not talking about laundering millions of drug dollars here, but rather thousands earned by sp. There is a huge difference in trying to legitamize the two. You can buy cars, appliances, furniture even houses with cash and no taxes paid. I really do not see the point of why somebody would want to file income taxes when they don't have to. This is somewhat akin to having a pimp. Perhaps somebody could enlighten me. Give me one valid reason does not begin with Because its the law!
 

yennut

Banned
Jan 18, 2004
74
0
0
www.art-5.com
This is specifically for Holden. If it isn't about material wealth then do please tell me why everybody on this board is so concerned about what the donation is with various sp. Along your line of thinking this should never come into the equation, but just to enlighten you my friend it is indeed money that makes the world go around. Hence I will seize as many days as I want with the wealth I have accumlated, while you and other sheep must pick and choose your spots.
 

dreamer

New member
Sep 10, 2001
1,164
0
0
Maple
yennut said:
You can buy cars, appliances, furniture even houses with cash and no taxes paid. I really do not see the point of why somebody would want to file income taxes when they don't have to. This is somewhat akin to having a pimp. Perhaps somebody could enlighten me. Give me one valid reason does not begin with Because its the law!
By buying the above things you expose yourself to risk, the risk of being caught.

You can live the "cash" lifestyle, however to accumulate wealth requires filing tax returns and paying tax, albeit as little as possible. For an SP, to accumulate wealth would mean buying a house, purchasing RRSP's, saving money in a bank, investing etc etc. If you do all of that without filing tax returns you will increase your chances of getting caught. If you do it through a third party you had better make sure that you trust that person with your life.
 
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