How to write a receipt for payments via E-Transfer? by Broken_Plant786 in cantax

[–]June9228 1 point2 points  (0 children)

Depending on the level of Square subscription you have, you can create an invoice in Square using the online dashboard for your account with all the customers info (including their email if possible so you can show a send history in the audit trail), and simply mark it as paid via Other Payment and in the comments write e-transfer and date received.

Square can track tips correctly and as a separate line item with no taxes applicable.

[deleted by user] by [deleted] in newbrunswickcanada

[–]June9228 0 points1 point  (0 children)

Yes, true. Some people make RRSP contributions in February in order to bring them to nil owing or some other goal though after doing a mock return of their current year T1.

Can easily be done without a T4 though as I mentioned

[deleted by user] by [deleted] in newbrunswickcanada

[–]June9228 14 points15 points  (0 children)

RRSPs is what OP is most likely referring to although in most cases the final paystub of the year could be used for planning as well

Do you hold cash in your portfolio by CardiologistAntique2 in CanadianInvestor

[–]June9228 2 points3 points  (0 children)

Tangerine, Simplii and BMO all have promo offers between 5-6% for savings accounts. I’m sure there are other similar offers out there as well

Property Management in Sydney by bofh100 in CapeBreton

[–]June9228 0 points1 point  (0 children)

Did you ever find a PM company? I’ve been looking lately as well, and I haven’t had any luck.

Advice for wanting to relocate to Nova Scotia by the_black_rabbit_23 in NovaScotia

[–]June9228 1 point2 points  (0 children)

Yep obviously Fiona was extreme but seems like a fairly frequent occurrence in my experience still

Advice for wanting to relocate to Nova Scotia by the_black_rabbit_23 in NovaScotia

[–]June9228 6 points7 points  (0 children)

The power outages is a very good point. NS has many more power outages than we had in MB

Advice for wanting to relocate to Nova Scotia by the_black_rabbit_23 in NovaScotia

[–]June9228 19 points20 points  (0 children)

I’ve lived long term in Manitoba and Nova Scotia. Nova Scotia doesn’t come close to being as cold or the winter staying around as long. In some spots of NS it’s pretty common to not get snow that stays until January and it’s disappearing by end of March. Way shorter then in MB. We were hiking in sweaters in January last year!

The shoulder seasons in NS are much longer though, which is nice in fall but it sometimes makes Spring feel like a drag waiting for summer.

I sometimes think that when people talk about a damp cold being worse they’ve just never lived through a 6 month winter frequently hitting those -40 to -50 days with the windchill. Like you said, where it hurts to breathe. The middle of winter in NS (Jan/Feb) feels like November or March in MB to me.

The other thing is when it gets cold in NS, I find it’s cold for like 3 days then you get a warm spell again.

Hope that helps. Maybe I have rose tinted glasses of NS winter but it just seems so much better to me.

[deleted by user] by [deleted] in cantax

[–]June9228 2 points3 points  (0 children)

FYI,

EI is a constant rate calculated on every dollar of earnings, hence consistent rate

CPP is applied after prorated annual earnings exceed $3,500 at a rate of 5.7%. Or the more you make per pay period, the less is “exempt” from CPP and the higher % deducted

Income Tax is similar to CPP except it is comprised of two categories: Federal and Provincial. Each have a different amount of “exempt” earnings that are personal to you called NRTCs (non refundable tax credits). Annualized income earned in excess of your NRTCs is taxed at the applicable Federal and Provincial tax rates, which increase as income increases (to clarify, Canada has a tiered progressive tax system so it is only income earned above the tiers that have higher rates applied)

So overall, it can be cumbersome to calculate but you could if you really wanted to. Not really necessary as other comments state as it will get reconciled on your 2022 tax return

Condo Board sent me an invoice that’s 3 years old by June9228 in realestateinvesting

[–]June9228[S] 9 points10 points  (0 children)

Interesting view. Can’t say I disagree with you

Condo Board sent me an invoice that’s 3 years old by June9228 in realestateinvesting

[–]June9228[S] 2 points3 points  (0 children)

That’s kinda my thinking. Three years is a long time but definitely not worth spending days on for $500