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Taxes (pg. 3)
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| Nrg2Nfinit |
| quote: | Originally posted by FunkyCrew
so you have 0 receipts for those gigs? aren't you worried you'll be audited? My roomie is self-employed, writes off a crapload of stuff (but she does tries to get T4s from all production companies she works with, which is sometimes 3-4 a month)
she got audited - got a notice for $700 outstanding she had to pay before Jan 01
that is correct actually
this year I got the TFSA GIC instead of a savings account - a bit of a better rate |
you should probably look into things that are a bit more risk/reward for your tfsa.
Income trust publicly traded that give monthly dividends of up to 10% per year or more would probably be better then a gic. where you can cash out anytime and disributions paid monthly. These would normally be taxed as regular income i think but instead you pay 0 tax because they are tfsa (same goes if they are in rrsp). not guaranteed like a gic, but the gic miniumum is just a bit over protecting you from inflation.
but gic is a good step from savings for sure. |
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| ~C~ |
| My income tax forms still get mailed to my parents house in Sarnia. I just bring all my T4's etc. down there, and my mom still does them for me. I know, I'm spoiled. I'm dreading the day when I actually have to take care of it myself! lol I'm getting more money back this year than usual too. Yay! The majority will go right into my savings account :D |
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| Jem_hadar |
Ugh.
Ill do mine on the 29th or 30th, as I usually do.
So busy doing other ppls bloody taxes I never get to mine early. |
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| FunkyCrew |
| quote: | Originally posted by Nrg2Nfinit
you should probably look into things that are a bit more risk/reward for your tfsa.
Income trust publicly traded that give monthly dividends of up to 10% per year or more would probably be better then a gic. where you can cash out anytime and disributions paid monthly. These would normally be taxed as regular income i think but instead you pay 0 tax because they are tfsa (same goes if they are in rrsp). not guaranteed like a gic, but the gic miniumum is just a bit over protecting you from inflation.
but gic is a good step from savings for sure. |
see, I'm fairly low risk when it comes to my investments :) but this is def food for thought - thanks! |
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| cammaxwell |
| quote: | Originally posted by FunkyCrew
so you have 0 receipts for those gigs? aren't you worried you'll be audited? My roomie is self-employed, writes off a crapload of stuff (but she does tries to get T4s from all production companies she works with, which is sometimes 3-4 a month)
she got audited - got a notice for $700 outstanding she had to pay before Jan 01
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Yeah, this type of business is a cash based one so receipts are rare. If you ever got audited, you would things like bank statements and flyers to prove the income, although the CRA would most likely be arguing the write offs and not the money you made. For those types of things like, music, equipment, ect....you would of course have receipts. |
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| cammaxwell |
| quote: | Originally posted by VDub
Are the clubs declaring the money that they're paying you if it's cash?? |
I would have to assume they are yes, it's a part of doing business. Guv does pay be check, and even CZ makes you sign a cash receipt. |
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| TrAnCeiN4LiFe |
| "h&r block" i got ppl :stongue: |
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| FunkyCrew |
| quote: | Originally posted by cammaxwell
Yeah, this type of business is a cash based one so receipts are rare. If you ever got audited, you would things like bank statements and flyers to prove the income, although the CRA would most likely be arguing the write offs and not the money you made. For those types of things like, music, equipment, ect....you would of course have receipts. |
I see! she just paid $120 or so for her taxes with a prof accountant - last year she did her own and ed up, and owned $700
this year she's getting $2600 back, so def worth seeing someone about taxes! |
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| exstasie |
Got my return last week! Woo.
I love getting my own money back....:whip: |
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| jchung52 |
| quote: | Originally posted by cammaxwell
I hope you're treating the Djing as a business, becuase you can write off lots of expenses such as buying tracks, DJ/studio equipment, and even the space you use in your house. Don't pay any tax on DJ income unless you made more than you spent on it (we both know it can be expensive!). |
Yup. I keep an Excel file of Gig name/Venue/Date/Fee then keep a box and then input into the same excel file,Expenses like fuel, food, accessories (CDs, related gear), tracks |
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| cammaxwell |
| quote: | Originally posted by jchung52
Yup. I keep an Excel file of Gig name/Venue/Date/Fee then keep a box and then input into the same excel file,Expenses like fuel, food, accessories (CDs, related gear), tracks |
Fuel and food? lol....I don't think you can write off that stuff, but I commend you're spirit! |
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| VDub |
| quote: | Originally posted by exstasie
Got my return last week! Woo.
I love getting my own money back....:whip: |
I like it cause it's like a forced savings acct you have access to once a year... |
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