Looking For An Accountant

[holden]

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.

You kind of miss the point of my post.

I'm not saying you should go hug trees or smell the fresh air to find fulfillment - I'm not even saying inorder to find happiness you should confess your unrequited love to the girl of your dreams.

When I said 'living is not equated to concerning yourself with material wealth' - let me put in a way so you might understand it.

You didn't work hard enough in school, maybe you took too many recesses in grade school or maybe you skipped one too many calculus classes or maybe your parents didn't instill in you, the value of hardwork and smartwork early will be rewarded later because if you have to resort to hiding some 'nickels and dimes' from the government to boast your wealth then obviously you didn't study hard enough in school and will never 'live like a lion'.

 

[Lil' Miss Mia]

You kind of miss the point of my post.

I'm not saying you should go hug trees or smell the fresh air to find fulfillment - I'm not even saying inorder to find happiness you should confess your unrequited love to the girl of your dreams.

When I said 'living is not equated to concerning yourself with material wealth' - let me put in a way so you might understand it.

You didn't work hard enough in school, maybe you took too many recesses in grade school or maybe you skipped one too many calculus classes or maybe your parents didn't instill in you, the value of hardwork and smartwork early will be rewarded later because if you have to resort to hiding some 'nickels and dimes' from the government to boast your wealth then obviously you didn't study hard enough in school and will never 'live like a lion'.

Lolol.
For the record I finished University AND college, and do what I do because I choose to. My concern with reporting income to the government has to do with the fact that my "nickles and dimes" are adding up and I have made some serious investments, with many more in mind. I may have had more fun than the other girls at recess, but I didn't miss the class about letting your money make money for you...WITHOUT raising any more suspicion than necessary.

Thank you to everyone who gave me worthy advice via pm, my mind is at ease now.

 

[holden]

Lolol.
For the record I finished University AND college, and do what I do because I choose to. My concern with reporting income to the government has to do with the fact that my "nickles and dimes" are adding up and I have made some serious investments, with many more in mind. I may have had more fun than the other girls at recess, but I didn't miss the class about letting your money make money for you...WITHOUT raising any more suspicion than necessary.

Thank you to everyone who gave me worthy advice via pm, my mind is at ease now.

The post was meant for 'yennut' hence the quotation of his post in my reply.

My post has nothing to do with you and I apologize if you were offended by it- but if you are looking for someone to help file your taxes, then I suggest you just go to H & R Block to file your taxes and tell them you work in the entertainment industry(self-employed).

 

[bornonaug9]

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.

First you are are both boo and streetsmart but you can not spell. You do not want to have a few thousand dollars laying around in your house and these dancers have b&e and lost some money. What lead you to conclude about crackheads?

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.

Only in movie you saw people carry that amount of cash to buy a house, most owners will want a bank draft or money order for that kind of money hundred of thousands. I am not sure what kind of people you are associated with, smart guys?

 

[earl]

Filing taxes

If you ever want to get credit, such as a mortgage or line of credit, you will need proof of income. Banks will want to see a copy of your filed tax return and Notice of Assessment.

 

[yennut]

I remember an economics professor once told me that if you wanted to know what the real world was like , use the text book as a door stop and talk to some business people about how they made their money and if they were willing to divulge their methods that I would be shocked. Well I took his advice and my eyes were really opened up. We have to all get off our high horses and realize that we don't live in a utopian society and nice guys really do finish last. With that said I will continue to do as I do and let the rest of you losers continue paying my way, through your hard earned tax dollars, for the government is going to get as little of mine as possible and those who I advise will pay as little as possible as well. For those of you who equate my attitude with not appreciating hard work you are sadly mistaken. Not only do I appreciate hard work, but when it is done for my benefit, it makes me feel all the more powerful. Lastly living in cash society is not at all difficult. It is not only movies where one can buy homes for cash. With a little creative bookeeping one can accomplish wonders, but then those of us less educated would neverbe able to pull this off. The thing I find most amusing about this whole post is that so many of you are sending me pm's regarding the legalities of what I am preaching, but who is anybody on this board to judge when we are all participating in a hobby that is in a real grey area of the law.

 

[yennut]

Again Earl you are making comments on this board without any factual evidence to back you up. I do not know of one bank that will request to see a notice of assesment in order to get a mortgage or line of credit. Why are you insisting on giving people bad advice. Keep playing by the book and you will continue to make people like me wealthier. We prey on the stupid. God bless you!

 

[scubadoo]

I just love reading these threads about taxes!

 

[dreamer]

me pm's regarding the legalities of what I am preaching, but who is anybody on this board to judge when we are all participating in a hobby that is in a real grey area of the law.

Nothing grey about ordering takeout.

 

[dreamer]

I do not know of one bank that will request to see a notice of assesment in order to get a mortgage or line of credit.

Actually it depends, in most circumstances a confirmed job letter suffices. However I have seen a "notice of assessment" requested because the bank official was anal, and probably a little suspicious. The larger the down payment the easier it is. Banks love residential mortgages, so as long as your credit is good, a job letter should be ok.

 

[Coach]

Yennut, as an accountant an a former Revenue Canada (CRA) auditor, in my professional opinion anyone who intends to avoid paying taxes is asking for trouble, eventually they will catch up with you. If they catch up with you, they can go as far back as they want if they suspect illegal or fraudulent activity. That is a fact. I had a client who came to me after he was was assessed a $107,000 in back taxes, $53,000 of that was penalties and interest for not filing. That was for a 2 year period with interst going back to 1999. They had not even begaun to review 2000-2004 .Why not do everything above board and sleep at night? It is very possible to hire a good accountant who can prepare your return and minimize your taxes owing, while keeping everything legal. Whether or not the SP's services are legal, the penalties for tax evasion will be much more severe than the penalties for "services rendered" as an SP. Yes, you may have to pay some taxes, but only because you are operating a very profitable business. I tell my clients that I hope they have to pay tax, because that means they are very successful at what they do. Any professional accountant who instructs a client not to file, can now be held liable, as can an accountant who knowingly instructs a client to participate in tax evasion. It is also unethical in Canada, I would assume it is unethical as a CPA as well.

 

[dreamer]

as an accountant an a former Revenue Canada (CRA) auditor.

I wish they would stop changing their name, RC, then I think CCRA and now CRA, you know they are getting closer to a proper acronym

 

[pro419]

I do taxes

Hi girls, i am specialize in tax issues, i been doing it for last 25 years, i just been told by pixiegirl that u need help, by the way i am helping her too. just page me for specific information, i will be glad to help.

my regards

Pro 419

By the way u have to file taxes even if u don't have income to show.

 

[Capital Amatuer]

&^*%$@# Americans ! No wonder the IRS is reputed to be so ruthless especially if all CPA's offered your advice. I'm surprised everyone in the States is not in jail, but then there would be no tax dollars for any incarceration budgets. Think about it, how does a young lady (SP) manage to own a home, a car and other assets without ever having filed a tax return. How will she ever get credit if she can't prove her income. CRA is really not interested in where you got your money, just that you reported it. Did you learn nothing from the Al Capone story ? She must have a SIN, they're issued at birth now. Don't you think maybe one day CRA will catch up with them and ask for tax returns, then maybe do a net worth if they don't produce them and then they pay the taxes owing with cash ?
I may not be a wholly law-abiding citizen, there's a little larceny in all of us, but at least I sleep at night knowing my tax dollars pay the police/judical system to keep law & order, the Bank of Canada to monitor the economy, and a host of other services we likely aren't even aware of that keeps the province and country running. I applaude this young lady for wanting to file her taxes, if only for her own peace of mind. In the end she will become a valuable contributing member of our society.
What a stupid and narrow minded view offering your worthless advice....to anyone !

 

[dreamer]

By the way u have to file taxes even if u don't have income to show.

so what have you been doing for 25 years?

an individual does not have to file a tax return if they do not owe taxes (this is an exception to filing, it is a little more complicated ie capital gains or dispositions do come into play). Take a look at subsection 150 (1.1)

however, if you have filed in the past, or somehow get noticed, you could receive a letter requesting a tax return, then you have no choice (subsection 150(2)

 

[yennut]

How did I know that this thread was going to turn into an anti-U.S. diatribe. It seems that anytime somebody disagrees with a Canadain then us Americans are assholes. Well I have news for you. Don't you realize that any time we assholes would ever chose to crush you like ants we could. I am not anti-Canadian in the least, but you have really got to look on the grand scale of things. In a world wide perspective Canada's sphere of influence is miniscule and is regarded as a pee on. Therefore please spare me the anti-american attitude. Your jealousy is really unbecoming. Did your momma drop you head first on some ice as a child.

 

[bornonaug9]

It is guy like yennut that dream up the Enron and Global Crossing financial window dressing and CPA is suppose a profession of integrity and trust.

 

[bornonaug9]

How did I know that this thread was going to turn into an anti-U.S. diatribe. It seems that anytime somebody disagrees with a Canadain then us Americans are assholes. Well I have news for you. Don't you realize that any time we assholes would ever chose to crush you like ants we could. I am not anti-Canadian in the least, but you have really got to look on the grand scale of things. In a world wide perspective Canada's sphere of influence is miniscule and is regarded as a pee on. Therefore please spare me the anti-american attitude. Your jealousy is really unbecoming. Did your momma drop you head first on some ice as a child.

Do not equate youself as "America", it is your behaviour that we detest. Are you telling me that cheating to get ahead is the American way not working hard? Always up bring anti-US card when you are losing your arguement

 

[aslan]

You have to file a tax return

By the way, Revenue Canada is now called Canada Revenue Agency, CRA in short.

If your gross is over $30,000, you should also register for GST.
You fee is gst included. that means if you charged $200, your net fee isabout $187 and about $13.00 is GST.

Your expenses are as follows:

If you arean incall:

Rent for the apartment or portion if you split with someone
Any supplies to perform your work such as anything that you use
while providing the services. Condom and laundry is deductible.

If you are an outcall
travelling expenses to and from

If you have someone to take your phone call, reasonable amount paid
for that is deductible

reasonable expenses for certain clothing
if you have to pay for hetel, that is deductible.


There are pros and cons for filling, I will not go into details. if you want to know, PM me your situation and I can tell you more.

If you report, then, you may have to explain how you sustain your living. If you don't file, then , you will subject to audit based on the probability of you being selected.

That probability is different from year to year and different between Canada and USA. The best chance of SP being audited must be tips to the tax authorities. Or you end up on some news articles.

Otherwise, your chance of being audited are slim. There are many ways to stay under the radar but when you have to use your money, you have to be very careful. There is something called "Net Worth" assessment. Any money that you can not explain its source will be deemed income. CRA can also estimate your unreported income. Such as how many days you can work and average number of clients you see.

Such as

workable days 20 days a month
average client 5
fees each $200

your annual income will then be projected to 20 x 5 x $200 x 12 month = $240,000. It is up to you to provide evidence to prove otherwise. You have the burden of proof, not CRA.

when you are caught, they can go back 3 to a maximum of 10 years (pending legislation, used to be no statute of limitation for tax avoidance) So , you will have to pay taxes on $240,000 x 3 $720,000 or up to $2.4 million.

There was a case on SP many years ago. There are sp who filed tax return annually. Canadian are being taxed on worldwide income, so service provided outside Canada are subject to income tax, but not GST.

Hope that helps

 

[Larry_Fyne]

... My concern with reporting income to the government has to do with the fact that my "nickles and dimes" are adding up and I have made some serious investments, with many more in mind. ...

If these investments are legit and depending on the type, there will be some sort of CRA audit trail created. T5s for example with your SIN on them. They cannot be ignored. If CRA looks at your lifestyle and they cannot see how you can maintain that lifestyle with the income you are declaring (be none from no filing or minimum), you will be asessed based on the lifestyle.