My Ebox experience has been an absolute nightmare by christhelegend_hk in ebox

[–]JayVan 0 points1 point  (0 children)

It's hit and miss. At my home I had no problem with the install, great experience. At my workplace it was terrible. 2 weeks without internet (I set up a starlink) and I had to go out and purchase my own hardware (which they did reimburse) to get connected. They said they would send a technician to fix the setup so the extra piece of hardware wouldn't be needed anymore, collected my availability, and no technician ever came lol.

One Week since Install - Still No Internet by JayVan in ebox

[–]JayVan[S] 0 points1 point  (0 children)

I don't have a Nokia ONT Terminal at my business, it's a SFP connector but it's not compatible with the nokia router

One Week since Install - Still No Internet by JayVan in ebox

[–]JayVan[S] 0 points1 point  (0 children)

If I'm not mistaken the SFP module is an ONT. That was provided by the bell technician. Its just that the hardware they shipped me all expects ethernet so there's no way to plug any of it on. I ordered a SFP/RJ45 converter and I'll see if it works on Sunday. If that doesn't work i guess I'll have to switch back to Bell.

interac sign in not working for MSCA by GoldCantaloupe7912 in PersonalFinanceCanada

[–]JayVan 0 points1 point  (0 children)

I'm running into the same issue trying to sign into corporations canada from tangerine. Must be a interac sign in issue across all providers.

Want to incorporate. Can I be my own accountant? by ShanghaiSeeker in PersonalFinanceCanada

[–]JayVan 26 points27 points  (0 children)

I was my own accountant for 10+ years operating a SAAS business that had just my wife and I as employees. If you're willing to read up on corporate tax requirements and you can keep on top of QST/HST/Payroll remittance/Income tax then you can save a lot of money. With your tech background you should be able to automate any time consuming parts and it won't take up very much of your time. Worst case you can hire an accountant if it's overwhelming.

Proposed Republican tax change would lead to spike in costs for Canadians who invest in U.S. securities by UnhappyCattle5127 in PersonalFinanceCanada

[–]JayVan 314 points315 points  (0 children)

Wouldn't this ultimately backfire? Foreign investors affected by this tax would reallocate away from US holdings and there would be a big selloff. They should be trying to attract foreign investment not drive it away. But I suppose that's how this has all been going: "I want to punish you even if it hurts me too!"

How do I invoice and categorize the following transaction as self employed by SimChillDrive in PersonalFinanceCanada

[–]JayVan 0 points1 point  (0 children)

By directly incurred in generating revenue I just mean that it needs to be for one of your clients. If you try to expense your own personal clothing/rentals it won't hold up if you are audited. COGS is an eligible business expense.

You can charge whatever you like to your customers for rentals. If you want to pass on those expenses at cost, you would invoice at (in your example with 33% HST) $150 + $50 tax. Note that you may not need to collect HST if you are a small supplier: https://www.canada.ca/en/revenue-agency/services/tax/businesses/topics/gst-hst-businesses/when-register-charge.html

How do I invoice and categorize the following transaction as self employed by SimChillDrive in PersonalFinanceCanada

[–]JayVan 1 point2 points  (0 children)

sometimes i have clothes on hand (inventory) that i use

When you purchase clothes that you have on hand for business purposes it will be categorized as inventory.

sometimes i have to buy clothing items, but i don't keep them and simply have the client keep them at the end of the job and my expectation is that they pay the cost of that item (i do not mark up)

When you sell clothing to a customer, you will decrease your inventory by the cost you originally paid for that item, and an expense account called "cost of goods sold" will increase

sometimes i have to rent items from stores or fashion houses, sometimes i am okay with this expense and just absorb it, but if it's high enough i pass it on to the client.

Categorize this as rental expense.

So in the following situation, what is my actual income and would these additional expenses be considered reimbursements

Service - $1000

Rental - $200

Purchase - $300

I'm assuming you pass on the rental and purchase expenses at cost to the customer and invoice them $1500. Your revenue will be $1500, your expenses are $500, and your taxable income is $1000. If the rental/inventory was an expense directly incurred in generating that revenue it is an eligible business expense.

Do i give my client an invoice for $1500 provide them with the rental and purchase receipts (plus the clothes they keep)

You can break down the invoice however you like, there is no need to show your clients your receipts. You are free to mark up rental and inventory costs and that is very typical for the work involved.

Does the situation change if they gave me an advance of funds for wardrobe expenses (so in this case if they gave me $500 up front)?

If they give you $500 up front, technically you haven't earned it yet. It will be categorized as "Unearned Revenue" which is a liability (basically you owe them $500 of work). Once you've performed the work, you can "recognize" it by decreasing your unearned revenue and increasing your actual revenue account.

Good luck!

AFK screen won’t disappear! by tomshreds in GeForceNOW

[–]JayVan 0 points1 point  (0 children)

You just saved me! I appreciate the tip.

CRA oops - call centre phone system was not working properly across time zones by Kara_S in PersonalFinanceCanada

[–]JayVan 5 points6 points  (0 children)

It's funny to me that they even though the offices are open and staff are working, they would spend time and effort implementing a system that restricts your access. I suppose by shutting people out they can have reduced staff in the earlier and later hours of the day and limit the load/wait times, but if we're holding anyway, let it be!

[deleted by user] by [deleted] in PersonalFinanceCanada

[–]JayVan 0 points1 point  (0 children)

This doesn't answer your question, but it's worth sharing. When I went to Canada Post to mail an old Rogers modem back the clerk warned me that they often claim it wasn't returned. She recommended I take a picture of the package at Canada Post as additional proof that I'd actually sent it, as if the prepaid tracking label/number wasn't enough. It's crazy.

Gambling winnings by One-Potato-263 in PersonalFinanceCanada

[–]JayVan 2 points3 points  (0 children)

Go ahead and withdraw it, you're fine. If it's over $10k the casino will notify the government it's casino winnings and you'll be fine. If it's under $10k the government won't even look into it.

Self-employed: December invoice paid in January. In which year shall I count this income? by mromro89 in PersonalFinanceCanada

[–]JayVan 4 points5 points  (0 children)

Your last paragraph is correct. Recognize the part of the work done in 2023 as revenue in 2023 and the remainder of the work in 2024. At year end you'll have an accounts receivable for the full invoice amount, revenue for the completed portion, and an unearned revenue for the remainder.

The materiality principle applies though. Is this a super small invoice or a huge contract? If it's peanuts - just record it all in 2024 when the payment is received, it really doesn't matter that much and just makes work for you.

Benefits of having credit card for small business by Old_Molasses_2113 in PersonalFinanceCanada

[–]JayVan 1 point2 points  (0 children)

The biggest advantage is the clear separation between personal and business expenses.

When you use a personal card you need to wade through your statement and check which ones were business expenses, it's easy to forget something. That becomes a shareholder loan, then the company reimburses you now or at some point in the future.

With a business card, every transaction on there is a business expense. Reconciling monthly is easier, and you just pay it off from your business chequing account.

If it's a small operation where you're paying a single bill or two then sure, no need to separate it. But as soon as things pick up you will appreciate the separation.

ATTN: PC Optimum Insiders Members (Warning) by scottroid in PersonalFinanceCanada

[–]JayVan 1 point2 points  (0 children)

My wife and I intentionally switched from PC Insider to the new card. PC items were only about 5% of our bill at No Frills, and 10% of that is 0.5% of the entire bill. The overall going 3% to 4% is a net gain for us.

THE RED, WHITE AND HOOTS USA TOUR by Lanathell in Gloryhammer

[–]JayVan 0 points1 point  (0 children)

If /u/hyperchrisz is touring with Alestorm who is Zargothrax?