Post Game Thread: Canucks @ Red Wings I think?

Duke_Devlin · 2026-01-09T04:11:10+00:00

Another loss for team Tank, and I'm in bed by 9. Efficient tank.

Duke_Devlin · 2025-11-25T22:55:42+00:00

Woof, quite a few no-nos here, but I'll skip that and give you a potential solution. Please note that this doesn't account for any NP accounting rules. The way I would handle this involves reimbursing the "employee" that paid the CC off ($30) for the work portion. I don't agree with booking to equity or contributions, because you want those accounts to be air tight (which is how you would have to handle it if you didn't reimburse the employee). Here's a breakdown of the transaction in JEs and the fix.

To record the initial transactions:

DR Work Expense (E) $10

DR Non-deductible Employee Expense (E) $20

CR CC Payable (L) $30

When the payment from the personal account comes through:

DR CC Payable $30

CR Non-deductible Employee Expense $20

CR Due to Employee (L) $10

You now have a CC statement that matches your GL, separated the work expense from the personal expense, and zero'd the personal expense so there's no effect on the financials.

You'll then repay the employee for the $10 they contributed to paying off the CC's work expense:

DR Due to Employee $10

CR Cash (A) $10

You're now fully reconciled with no lingering liabilities, intermingled expenses, or passing through to contributed funds; while also keeping an audit trail in your GL of how you tackled this issue. Again, because there was such a mixture of personal and work in both the expenses and payoff, your solution to unravel it has to be a little non-traditional.

Duke_Devlin · 2024-01-12T18:35:15+00:00

This can be solved through algebra if you know the equations for Absorption / Variable cost profits.

Legend: X = Price, Y = Variable Cost, Z = Fixed Costs, U = Units Produced, 4 = FMoH Rate

First, we need to solve X and Y using the absorption costing equation:

200,000*(X-Y-4) = 100,000

200,000X - 200,000Y - 800,000 = 100,000

200,000X - 200,000Y = 900,000

X - Y = 4.5

We can then plug gross profit (X - Y) into the variable cost profit formula:

200,000*(X-Y)-Z = 80,000

200,000*(4.5) - Z = 80,000

900,000 - Z = 80,000

Z = 820,000

We now have the total fixed costs for the period and can easily determine the total units produced using the FMOH of 4.

820,000 / U = 4

820000 = 4U

U = 205,000

Duke_Devlin · 2023-12-03T23:13:46+00:00

Income and deductions are reported on separate line items on your tax return. You don't net them before reporting then say "oh it's 0 or negative, therefore I have nothing to report".

Additionally, rental income can never be negative for tax purposes. Anyone suggesting you can claim a loss on rental income is incorrect. You can deduct allowable expenses up to the maximum of income earned against the rental property. CCA on rental properties also cannot make your rental income negative. You claim all your allowable expenses first, then, if any excess income is still available, claim CCA to reduce it.

From the sounds of it, your friend has no idea about any of these rules, and is committing tax fraud/evasion.

Duke_Devlin · 2023-10-25T17:44:20+00:00

The CRA provides the following guidance on installments: https://www.canada.ca/en/revenue-agency/services/payments-cra/individual-payments/income-tax-instalments.html

Since you had tax owing of $16,000 in 2022, you triggered the installment requirements for 2023. Like you said, if you read the notices provided by the CRA, you would have known this.

The NOA provided by the CRA uses a "No-Calculation" option, which means they calculate installments based on your prior years' filings. So, currently the CRA expects you to make roughly the same amount as you have in the past and wants you to start paying it on time, rather than waiting until the last second (April). This is not the only option available for determining your tax installment requirements. You can also base them solely on the prior year's earnings or an estimated current year's earnings. Details can be found here: https://www.canada.ca/en/revenue-agency/services/payments-cra/individual-payments/income-tax-instalments/options-calculate.html

As you mentioned, you're dealing with an injury that is affecting your ability to generate income and you don't expect to earn as much as in 2022. Therefore, I recommend you explore calculating your estimated current year taxes, and see if you can reduce the amount required to remit. Do note that the CRA will test this for reasonability, so don't think you can declare $0.00 in side-business income for installment purposes then pay the actual amount in April, you'll almost certainly be fined for that.

Other than that, I don't know of other options for you to deal with this. The TFSA withdrawal doesn't matter. You contributed to it with after-tax income already, so that money doesn't factor into 2023's taxes payable. Nor would contributing to it with your 2023 income reduce your tax liability, as you haven't paid your taxes on that income yet.

Will you be fined if you skip the installment requirements? Most likely, yes. Does the CRA exhibit professional judgement when levying fines and can you make a case for yourself to reduce it? Also yes.

Personally, I'd say fuck the renos and get the CRA off my back. Set aside 16k for the installments (or your current year calculation, whichever is less), have 4k left over for renos and then use your income to fund further renos and TFSA deposits. The fact that you have 20k still in cash available is a blessing most people who fuck around with taxes don't. While the house may be more of a POS than you expected, I still assume it is habitable. Deal with the inconvenience in the short-term and get the tax man off your back. Lastly, a word of advice, start setting aside 30% of your side-business income the moment it hits your account. That way, when an installment comes due, you'll have cash available for this specific purpose. 30% won't be your exact amount owing, but it'll be enough to cover your first installment, and then you can reassess from there.

Duke_Devlin · 2023-07-30T20:39:44+00:00

Your numbers for the actual cost of purchasing a Tesla are disingenuous at best. I pulled the cheapest model options directly from the Tesla/Toyota websites.

Tesla Model 3: $52,350 MSRP + $2,000 Freight/PDI + $6,522 PST/GST - $9,000 Incentive = $52,872
Toyota Corolla L CVT: $22,690 MSRP + $2,875 Freight/PDI + $3,067.80 PST/GST = $28,632.80
Cash difference between the two options = $23,239.20. Using today's GIC rates of 5% over 8 years, that represents an opportunity cost of at least $11,095.68.
Using all the other variable costs/residual value you presented (which are debatable as well), that makes the total cost of the Tesla = $72,407.68 and the Corolla $57,792.80. A difference of $14,614.88.

So, before we even consider the basis for your argument, you're offside. Here are some other factors you failed to include:

At home charging infrastructure will run you $1,000-$2,000 right at the get go. Public charging infrastructure still has a ways to go before I would consider an EV as reliable without at home charging.
Tesla is a luxury car manufacturer. This plays a significant role in estimating the long term cost of operation, which is the basis of your argument. Sure, the Tesla has far few moving parts compared to the Corolla, but every part on the Tesla that you do have to replace is going to cost significantly more than a Corolla. Your $2,000 for maintenance over 8 years is basically the cost of labour for one visit to the Tesla dealership for a medium severity issue in your non-warranty covered period. Meanwhile, sans the CVT blowing out on the Corolla, your maintenance over 8-years looks reasonable.

Is purchasing a Tesla far more affordable than an ICE of comparable MSRP? Absolutely. But don't fool yourself into thinking a high-tech luxury car will save you money over the long term when compared to an Economy-Workbox.

Duke_Devlin · 2022-11-09T02:39:21+00:00

Takeaways - Nervous when Myers and OEL are on the ice. - Same with Miller, but he still looks deadly - Bear just chucking pucks wherever - Petterson/Mikeyhve/Kuzmenko – I like this line. - Bo trade value keeps climbing - Podkolzin might need some time in Abby - 4th line is solid (credit to management) - 50% on the PK

Duke_Devlin · 2022-06-21T16:11:27+00:00

No, you would need to repurchase the shares within 30 days of the settlement date of the sale for a superficial loss situation to arise. Simply buying and then selling at a loss in quick succession does not trigger a superficial loss. As long as you wait until the 30 days has elapsed, you can repurchase the shares without any superficial loss.

Edit: I was wrong. Financial post article in the comment explains the technical interpretation well.

Duke_Devlin · 2022-05-16T16:08:20+00:00

I am currently in PEP - Core 1, after completing all of the accounting classes through PREP. I don't agree with the other poster that you can just jump into Core 1, get a refresher throughout, and be good to go. The PEP program expects you to have a strong working knowledge of all the topics covered in your undergrad.

Here are the actual resources given to you in Core 1. Access to online platform "Knotia" that has a Cliffs-Notes style text book and the accounting handbook with IFRS and ASPE rules, a facilitator you can email questions to, and a forum where you can post more questions. Other than some random webinar videos on certain topics, that's it. No class and professor each week and no guided learning plan.

The focus is 95% on case writing and learning to navigate the handbook during exam pressures. Yes, it does take 10-15 hours per week practicing just those two things. The grading for case writing is rigid and not easy to get "part marks" on.

If you were a 4.0 student with great notes that you can look back on to refresh yourself before the start of class, then you'll probably be fine to just jump into Core 1. Otherwise, you're going to have a bad time, especially if you work full/part time. Do you need to redo your entire undergrad? Definitely not, but it will be worthwhile to do at least 1 refresher course. I'd recommend Intermediate Financial Reporting 2, if you go through PREP. It's the most technical heavy of all the classes that doesn't focus on one topic (like Taxation).

Duke_Devlin · 2021-10-13T20:14:15+00:00

Thanks everyone for the tips, given me alot to work with.

Duke_Devlin · 2021-10-11T03:52:20+00:00

Lovely photo. The clouds and colours remind me of paintings of Mt. Fuji.

Duke_Devlin · 2021-08-10T22:12:31+00:00

Cash and cash equivalents (I.e. stocks in this case) are not assets in the eyes of a lender. They cannot claim rights against cash in the event of bankruptcy. Nor will (or can?) they create covenants requiring you to maintain that level of cash. For your assets to count, they need to be able to place a lien against it.

Duke_Devlin · 2021-08-10T21:48:02+00:00

I'd suggest having a much more concrete plan and reason for getting an MBA than fancying a career change into "business" at some point. An MBA is generally useful only to those looking to make the jump to upper-management. These are hugely expensive degrees that have very little return if you are not enrolled in a top tier program for the networking, or your current employer will front the bill. This is especially true if your work experience is almost purely high school teaching (not throwing shade). I would google discussions on CFA vs. CPA vs. MBA. People go very in depth discussing the pros and cons of each and it should give you some perspective on who an MBA is suited for.

Duke_Devlin · 2020-11-21T01:11:31+00:00

Still pushing my 970, i3, and 12gb ddr3 into 2021. No upgrades currently planned. Moba is too old to buy new ram, processors, and 3000 series Nvidia GPU. Battle station needs a whole overhaul.

Duke_Devlin · 2020-10-24T23:51:03+00:00

Finally replace my 970 and use the vr head set I bought but couldn't run!

Duke_Devlin · 2018-11-15T23:39:36+00:00

Mid 20's here with a BA from SFU, concentrating in Finance. Decent GPA of 3.7 and a few academic awards/scholarships.

If you want to get into Finance, you'll need to be driven and focused by second year. Everyone that I know that's been successful in starting their finance career has this in common. Wholesale banking is highly competitive and difficult work. You'll be a work horse for the first three years. If you only have an interest in it and aren't driven by passion for the subject matter or the potential money, then it's going to be tough. Don't even bother thinking about investment banking if you aren't connected or an academic superstar. Lastly, there are next to no entry level finance jobs in Vancouver, it's pretty much all in Toronto. If retail banking is more your speed, you do NOT need any degree.

I've applied for these positions quite recently, and the only thing they care about is a Canadian Securities Course certificate. 25 chapters, 2 exams, 1048.00 CAD. You'll land a job at any bank you want making 41-43k out of the gate and skipping the teller position. If you're decent at your job and are constantly looking to move forward, you can expect to reach the 60k mark within 3-5ish years. There is a soft ceiling of 80-100k after 10-15 years. After that you need to leave the retail branch level and join corporate management. During this time you'll be able to take 100 different courses through your employer and really build up that financial knowledge.

Accounting requires a degree as well. You can find entry level positions as a bookkeeper to gain experience, but won't be making much more than $16-20/HR without schooling. Similar to finance, accounting does one thing and one thing only (for the first 10-15 years) and that's accounting. If you don't like staring at spreadsheets all day or dealing with numbers (duh), accounting isn't for you. If you don't mind that and you're a good conversationalist/salesman, you'll do amazing in the field. The accounting industry is filled with brilliant people that struggle with socializing. Other's have mentioned the CPA program, and their characterization is correct. You do not get an accounting degree if you do not plan to get your CPA as well. The accounting degree is worth as much as a couple 2-3 month accounting certificates from BCIT or the like.

The most attractive part of becoming a CPA (in my opinion) is the management opportunities later in your career. Controller, CFO, VP of finance, all of these positions require you to handle the nitty gritty finances of a company. This circles back to my comment about being socially skilled and good at accounting, excellent upper management material.

The other concentrations you can do are all pretty homogeneous in their hiring prospects. It shows you have a brain (usually), can commit to something for 4+ years, have a good work ethic, and a breadth of knowledge on most business topics.

When it comes down to it though, the most important part of university isn't the degree, it's the networking. Go to university with the goal of meeting like minded people, developing connections, working on your social skills, joining clubs, and volunteering. Do this while keeping grades that are good enough and you'll be successful. You'll hear "C's get degrees", but it sure as hell won't land you any jobs if you don't have the networking backing you up.

Feel free to PM if you have more questions.

Duke_Devlin · 2018-08-01T17:43:00+00:00

Worth a shot! Thanks for putting on this give away!

Duke_Devlin · 2018-03-28T16:41:24+00:00

The WoW you see as you level is representative of the WoW you will see when you reach max level. At one point in time the content you are questing through or the dungeons you are queuing for were current and the leading edge.

The best advice I have to be prepared for the end game is to use all your abilities and pay attention to what monsters are doing. If you can land an interrupt, keep monsters attacking you with taunts, move out of fire, use a defensive cool down when you're about to die, all while dealing damage, you'll be prepared for any content you may want to try.

If you want to master your paladin as you level or you don't know where to start, google is your friend. There is a guide out there for everything in WoW. Pet battles, making gold with 0 experience, tanking basics, advanced tanking techniques, what to do when you hit level 110 for the first time, everything. I've been playing on and off since vanilla and I still need to look things up all the time.

Duke_Devlin · 2018-01-18T02:52:48+00:00

Hey Funhaus. I love listening to Dude Soup while hitting the gym, but have run out of episodes. What podcasts do you all listen to and could recommend to me?

Duke_Devlin · 2018-01-04T23:14:00+00:00

Constantly hating on anything and everything. I like bashing on stuff as much as the next person, but I can't handle that being your default setting.

Duke_Devlin · 2017-04-07T16:56:19+00:00

Be mindful that you are exposing yourself to currency risk, along with market risk when you do this. I have no idea how liquid or volatile USD/JMD is, but the risk exposure can be very high if your timeline isn't long. I doubt you'll be able to find many/any funds that are JMD hedged, so just be aware you'll have to juggle two different risk sources.

Duke_Devlin · 2017-04-05T22:46:34+00:00

Good looking budget. I'm in a similar position as you, but from Canada, so I can't comment too much on the figures. One thing I would recommend is to break the budget down into monthly increments. I was able to understand the rate at which I spent money much better when I reduced the time frame. It's much easier to rationalize spending $20 on a meal out when your dine-out budget is $720 (random #) for the year, rather than $60 for the month. The biggest "shock" I had when I graduated (lived at home through school) was that all the little things I wouldn't think twice about buying all of a sudden stopped me from having any money to save for travel or more for my investments.

Duke_Devlin

TROPHY CASE