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Ashton.

of Cupids
Oct 23, 2008
575
0
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Toronto
www.sexyashton.com
I'm looking for an SP friendly accountant. Just have some questions about tax rules and implications of working as an independent contractor. I'm very uninformed when it comes to tax law unfortunately lol. Was looking around the internet but can't seem to find any clear answers. Suggestions would be appreciated :).
 
Perhaps I should ask my questions here. I was just curious about paying taxes on my escort income. I assume I would be classifed as an independent contractor and my understanding is that this is the same as being self-employed. Income taxes are at the same rate as an employed person right? But I would be responsible for paying CPP and EI? Basically I just want to know roughly what percentage of my income I could expect to have to remit to the government at tax time including taxes and deductions.
 
Ashton. said:
Perhaps I should ask my questions here. I was just curious about paying taxes on my escort income. I assume I would be classifed as an independent contractor and my understanding is that this is the same as being self-employed. Income taxes are at the same rate as an employed person right? But I would be responsible for paying CPP and EI? Basically I just want to know roughly what percentage of my income I could expect to have to remit to the government at tax time including taxes and deductions.
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You would pay CPP but not EI.
 
RayFinkel said:
I think Ashton is serious.

Laddie would only be interested in playin' a little game of 'Office Grab Ass'!


.
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Oh i'm serious... But usually up for a little ass grabbing too ;).
 
Ashton. said:
Oh i'm serious... But usually up for a little ass grabbing too ;).
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Laddie would just sit on the bed and ejaculate silly puns.
 
Ashton. said:
I assume I would be classifed as an independent contractor. Income taxes are at the same rate as an employed person right? But I would be responsible for paying CPP and EI? Basically I just want to know roughly what percentage of my income I could expect to have to remit to the government at tax time including taxes and deductions.
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I am an independent contractor (currently "between projects") but in a completely different industry. Your first task is to determine your legal relationship with Cupids. For example, do you invoice Cupids for your services? Since you are associated with Cupids you are not quite as "independent" as the ladies who advertise in the Independent Escort Forum.

Let's make the assumption that you are independent.
1) Are you registered for GST and PST (which will soon be merged)?
2) Do you issue invoices for your services (I do) and to whom?
3) You pay CPP so you can collect a pension when you are old and gray.
4) You do not pay EI because you cannot fire yourself.
5) You are taxed on your income the same as a civilian (no more no less) BUT you have to remit your taxes on a quarterly (or monthly) basis to the government yourself.
6) Yes, you can claim expenses directly incurred to earn income such as travel, clothes, driver, bodyguard, cellphone, condoms, lubes, towels, sheets, make-up, advertising, etc.
 
Ashton. said:
Perhaps I should ask my questions here. I was just curious about paying taxes on my escort income. I assume I would be classifed as an independent contractor and my understanding is that this is the same as being self-employed. Income taxes are at the same rate as an employed person right? But I would be responsible for paying CPP and EI? Basically I just want to know roughly what percentage of my income I could expect to have to remit to the government at tax time including taxes and deductions.
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Disclosure---I'm not an accountant:) . With that being said as an independent contractor or as someone who is self-employed you can write off such things as part of your rent or property taxes if you own your own condo or home? You can also write off some car expenses if you drive or even ttc expenses if you take the subway. You can even write off meals and entertainment expenses as long as they are reasonable.

IMHO, when you're an independent contractor you should definitely hire an accountant. There are also a lot of ontario tax credits and federal tax credits that you are entitled to as well.

As far as what percentage of your income you have to remit to the government it basically depends how good your accountant is? It also depends on if you made any RRSP contributions or not? The higher the rrsp contributions you made the less tax you pay to the government.

On your escort income you would be assigned an industry code. It could be such thing as an adult entertainer etc? I know there is an accountant who advertises in the adult section of Now magazine who is sp friendly.

Good luck with everything.
 
Ok so I would have to pay GST, PST and CPP. Whats the rate for CPP?
 
squash500 said:
With that being said as an independent contractor or as someone who is self-employed you can write off such things as part of your rent or property taxes if you own your own condo or home? You can also write off some car expenses if you drive or even ttc expenses if you take the subway. You can even write off meals and entertainment expenses as long as they are reasonable.
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More gratuitous comments.
1) As an outcall escort, there might not be much premises rent or property taxes that can be claimed as an expense (different story for incalls).
2) Meals and entertainment are tricky and only partially deductible even when bona fide. These are also high "audit targets".
 
Rockslinger said:
6) Yes, you can claim expenses directly incurred to earn income such as travel, clothes, driver, bodyguard, cellphone, condoms, lubes, towels, sheets, make-up, advertising, etc.
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Unless she is legally incorporated she cannot claim clothes as an expense.

As an independant contract worker throught and employer (Cupids) she'd have to claim her expenses under a T-2200 Expenses for Employment form. Under those provisions tools and clothes are not allowable expenses.
 
Rockslinger said:
More gratuitous comments.
1) As an outcall escort, there might not be much premises rent or property taxes that can be claimed as an expense (different story for incalls).
2) Meals and entertainment are tricky and only partially deductible even when bona fide. These are also high "audit targets".
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Good points Rock:) . As I said I'm not an accountant---lol.
 
CUPID said:
Ashton-contact me on Friday in the early evening and I will direct you to a very good accountant that is SP friendly.
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I wouldnt mind getting that info too, if you dont mind...Im assuming they would be MPA-friendly too.
 
CUPID said:
Ashton-contact me on Friday in the early evening and I will direct you to a very good accountant that is SP friendly.
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Will do lovey! I should have known you would know someone. I was just at my day job stewing about future possibilities and was impatient for answers lol. And since Terbies are all so wise and knowledgeable, I thought i'd start here ;).
 
MPAsquared said:
I wouldnt mind getting that info too, if you dont mind...Im assuming they would be MPA-friendly too.
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Call me at 416 532 4603 on Friday after 5pm and I will gladly help you along.

And you can always join the dark side... we have cookies :)
 
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