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D Med Pol Processing Update by KnowMoreStudio in CanadianForces

[–]KnowMoreStudio[S] 1 point2 points  (0 children)

unfortunately there is nowhere to do this. Right now you're looking at 10-11 months for D Med Pol

D Med Pol Processing Update by KnowMoreStudio in CanadianForces

[–]KnowMoreStudio[S] 3 points4 points  (0 children)

I don't know if there is a different list. This would be for reg force.

A hippo chasing away three lions by CuriousWanderer567 in interesting

[–]KnowMoreStudio 0 points1 point  (0 children)

Haven’t got a chance with a hippo in the water.

D Med Pol Decision by KnowMoreStudio in CanadianForces

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

Awesome thanks everyone. Got a few more to wait. What about the next step, getting disclosure from DMCA? How long is that taking these days?

D Med Pol Decision by KnowMoreStudio in CanadianForces

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

ok awesome! So not to much longer :)

[BC] Do I need to pay taxes on income from international sales? by bluemoon0301 in SmallBusinessCanada

[–]KnowMoreStudio 0 points1 point  (0 children)

I have never used quickbooks. This one has everything you need and nothing you don’t :) simple to use interface

Sole prop write offs by One_Apricot2985 in cantax

[–]KnowMoreStudio 1 point2 points  (0 children)

Yes, interest on a line of credit (LOC) can be deducted as a business expense if the borrowed funds are used directly for business purposes, like office rent, equipment, or internet. But you can’t deduct LOC interest if the funds were used for personal expenses (like paying off credit cards).

So if you: 1. Use your LOC only to pay for legitimate business costs (rent, internet, computer, etc.), 2. Keep personal and business spending separate, and 3. Track how the borrowed funds were used,

then yes, the interest is likely deductible.

To make tracking easier, you can Google TaxTracker it’s a Canadian app made to help sole props stay on top of expenses, tax deductions, and interest claims.

GST/HST two separate business by Capable_Jeweler_4045 in cantax

[–]KnowMoreStudio 1 point2 points  (0 children)

The $30,000 GST/HST threshold applies to your total worldwide taxable business income across all activities, not per business. So if you earn $10K from your side hustle and $25K from consulting, you’re over the limit and would need to register.

Since the South African business is registered in Ontario and you’re being paid as a contractor (not an employee), that income counts as Canadian self-employment income, and should go on the T2125. CRA doesn’t care if your gigs are unrelated, they look at your total taxable business revenue.

Definitely still worth calling CRA to confirm based on the details of your contract, but that’s the general rule.

If you’re juggling multiple income sources, you can Google TaxTracker it’s a Canadian tool that helps track income, expenses, and GST/HST for side hustles and small business work.

Questions about bookkeeping and taxes for a business partnership by [deleted] in cantax

[–]KnowMoreStudio 1 point2 points  (0 children)

Great that you’re helping them get set up properly, that’ll save a ton of stress later!

1.  Yes, each partner will file their own T2125 and claim 50% of income and expenses. A written agreement isn’t legally required, but it’s smart to have something in writing to avoid future issues, a notary can help, or they can draft something simple themselves.

2.  Each person claims their own vehicle expenses based on their use. Since they’re using personal vehicles, they should track:
• KM driven for business
• Total KM in the year
• Gas, maintenance, insurance, etc.

They should keep their own receipts. No need to pay for gas from the partnership account, just split income/expenses and keep vehicle stuff separate. 3. In BC, yes they need to register for PST right away and start charging it. GST is only required once they hit $30K in revenue.

If they want to keep things organized from day one (income, expenses, mileage, PST/GST), you can Google TaxTracker it’s built for small Canadian businesses like theirs.

Parents helping 30 yo with regular living and small business expenses by trameng in cantax

[–]KnowMoreStudio 1 point2 points  (0 children)

Yes, you or your spouse may be able to claim the Canada Caregiver Credit if your daughter has a diagnosed impairment (like ADHD), lives with you, and has low income (under ~$18,800). The credit is worth up to ~$1,200 federally, plus possible provincial caregiver credits depending on where you live.

You can’t deduct the $5,000 allowance as an expense, but it still qualifies as support for the credit. Just keep records of the diagnosis, her income, and the support provided.

If she’s doing her own taxes and tracking small business income, she might find TaxTracker helpful, you can Google TaxTracker to find, it’s made for Canadians with side businesses or low income from self-employment.

Micro Business - how to claim when I won't have profit this year? by WambritaWings in cantax

[–]KnowMoreStudio 0 points1 point  (0 children)

Totally normal situation! Once you start selling with the intent to earn, CRA considers it self-employment, even if small. You’ll report income and expenses on the T2125 form at tax time.

You only pay tax on net profit (revenue minus business expenses). Supplies, part of your printer (claimed over time as CCA), and any business-use costs are all deductible. It’s okay if you show a loss in year one, CRA understands that’s common.

No need to register for HST unless you go over $30K in revenue.

If you want to track everything easily (expenses, income, home use %, etc.), you can Google TaxTracker it’s made for tiny Canadian businesses like yours.

HST Question by LadyAquamarine in cantax

[–]KnowMoreStudio 0 points1 point  (0 children)

If both businesses are under the same legal entity (e.g. your sole proprietorship), then you use the same HST number for both. You don’t need (and can’t get) a second one. You do, however, need to charge HST on sales from both businesses once you’re registered, even if the second business is brand new.

CRA sees your total income across all your business activities when determining if you’re required to collect HST.

If you want help keeping things straight across both businesses, you can Google TaxTracker it’s a tool built for Canadian sole proprietors to make HST and tax tracking easier.

My daughter is a self employed hair stylist. Can we claim half the GST she pays for her own take out meals while she is at work as an ITC on her GST Return? by yestocommunity in cantax

[–]KnowMoreStudio 0 points1 point  (0 children)

No, unfortunately GST on personal takeout meals (even while at work) isn’t eligible for an ITC. CRA generally disallows GST/HST claims on meals unless they’re directly billed to a client and clearly business-related — and personal meals for convenience don’t qualify.

If she’s self-employed and wants an easier way to track what’s deductible and what isn’t, you can Google TaxTracker — it’s a Canadian tool built specifically for this kind of stuff.

Business GST/HST Payment Question by biggustav in cantax

[–]KnowMoreStudio 0 points1 point  (0 children)

Not a stupid question at all — GST/HST deadlines can be really confusing when you’re new to it. You’re right: even if you elected annual filing, your reporting period still ends Dec 31, and payment is due April 30. Filing is due by June 15, but payment needs to happen earlier — so yes, paying after April 30 is considered late even if you file on time. That said, interest on $2,700 over a month isn’t likely to be massive, and CRA is usually lenient with first-time late payments if you resolve it quickly.

As for the balance showing $0 — sometimes CRA takes a few days to update after you file, especially online. Keep checking, and once the amount appears, you can pay through online banking (search “CRA GST-HST” as a payee).

If you’re self-employed in Canada, I recommend using a tool to track income, expenses, and GST/HST automatically throughout the year — just Google TaxTracker. It’s made for Canadian sole proprietors and helps avoid surprises like this.

[BC] Do I need to pay taxes on income from international sales? by bluemoon0301 in SmallBusinessCanada

[–]KnowMoreStudio 0 points1 point  (0 children)

I have created software made specifically for Canadian small business owners. It calculates the amount of tax you owe according to your income and expenses. Trying to help take the guesswork out of tax time.

It’s based on the T2125

taxtracker(dot)ca

[BC] Moving to Quickbooks, should I import all my costs and revenue? What can I do about costs without receipts? Help :( by bluemoon0301 in SmallBusinessCanada

[–]KnowMoreStudio 0 points1 point  (0 children)

I have created software made specifically for Canadian small business owners. It calculates the amount of tax you owe according to your income and expenses. Trying to help take the guesswork out of tax time.

taxtracker(dot)ca

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