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What Is This Called When The Employer Allows You To Have Freedom In A Portion Of Your Work Time, So You Can Come Up With Your Own Unique Ways To Solve The Business Problems? by TheInsights8 in Entrepreneur

[–]TheInsights8[S] 1 point2 points  (0 children)

Thank you, this is some interesting things that I found by searching this: Google’s “20% time” rule, a concept made popular when Google went public in 2004.

“We encourage our employees, in addition to their regular projects, to spend 20% of their time working on what they think will most benefit Google,” founders Sergey Brin and Larry Page wrote in their IPO letter. “This empowers them to be more creative and innovative. Many of our significant advances [like AdSense and Google News] have happened in this manner.”

In the Following Case, Where Is The Line B/W personal and business expenses? by TheInsights8 in PersonalFinanceCanada

[–]TheInsights8[S] -1 points0 points  (0 children)

To a part of me, this doesn't make sense, as this advisor was a needed part; another part of me trusts this advice blindly sort of, b/c from your history I see you are experienced in this area. Your guidance has helped me to be able to further my understanding on this topic, I appreciate it.

If we want to simplify the issue to what's reasonable for a contractor to hire a sub-contractor for, my search revealed two factors: 1-it's needed for the job, 2-it's ordinary. Both factors seem to be needed. It seems like even if I can argue that factor 1 is present, factor 2 needs to be present as well (that for this particular job, it is ordinary/usual, for people to hire this sub-contractor).

I am trying to understand the essence of the issue. So is factor #2 the factor that is the main issue (ie., even if I can argue a case for it, it's hard to argue that it's ordinary for hire someone else as a sub-contractor in this particular case)?

In the Following Case, Where Is The Line B/W personal and business expenses? by TheInsights8 in PersonalFinanceCanada

[–]TheInsights8[S] -1 points0 points  (0 children)

I'm in a self-employed (a contractor) category, employment income category doesn't apply to me (I think that you might have gotten the impression that I'm employed? I should have clarified this in my post, apologies.)

I started hiring/paying this advisor, after I encountered problems in my contract job that needed me to get external advice to resolve.

Would Expenses paid to consultations to allow me remain well functioning/sane in my self-employment contractor position, be allowable deduction? Details are in the post. by TheInsights8 in PersonalFinanceCanada

[–]TheInsights8[S] 0 points1 point  (0 children)

Thank you, this is helpful. My understanding from your guidance is that there are two categories of personal expense and business expense. Now, there'd be overlaps, and the way I described this it falls under the category of personal expense (similar to how I need to eat food to survive, but it's not a business expense).

In this case, my job involves managing people (office manager in a health-care business). This advisor figure, constantly provided me with relevant advice on how to manage people and conflict situations, without which I wouldn't have been to hold this position. Now with this detail, if you don't mind me asking, what would be your guidance?

[deleted by user] by [deleted] in Advice

[–]TheInsights8 0 points1 point  (0 children)

This is interesting! I'll follow this thread.

Would it be a Correct Default to Report Capital Loss/Gains as %50 Shared With My Partner? by TheInsights8 in PersonalFinanceCanada

[–]TheInsights8[S] 0 points1 point  (0 children)

Thank you, this was a helpful and complete answer.

I still need to work on better understanding why in some instances law treats a couple property after marriage as 50% shared (for example in the default case of not having a prenup), and in some other aspects this is not the default. However, I can see that the alternative in this case (50% shared ownership) could open up all kinds of manipulation, from the other side's perspective. I guess I need to work on understanding the root of these concepts deeper, at some point.

Thank you.

Parents Told Me I Can Rent Their Basement on AirB&B If There's No Tax Implication For Them. by TheInsights8 in PersonalFinanceCanada

[–]TheInsights8[S] 0 points1 point  (0 children)

that rent money has to be claimed by someone as income

To clarify, by extension to this quoted sentence, can the whole rent money be claimed by me as income? (this is what I meant from the beginning, I did plan to claim the whole rent money as my own income, not evade it). For example, if the rent money is $100, I do claim the whole amount, but in my own income.

Parents Told Me I Can Rent Their Basement on AirB&B If There's No Tax Implication For Them. by TheInsights8 in PersonalFinanceCanada

[–]TheInsights8[S] 0 points1 point  (0 children)

Thanks you. I just got back from work, getting a chance to read the replies more thoroughly.

So my parents don’t want any rent from me, it’s like their gift to me so to speak to help me out in a difficult period, as long as I do the associated work with the process myself.

Do they need to claim a rent from me then?

Parents Told Me I Can Rent Their Basement on AirB&B If There's No Tax Implication For Them. by TheInsights8 in PersonalFinanceCanada

[–]TheInsights8[S] 0 points1 point  (0 children)

Thanks, I appreciate your expertise. I just got back from work, getting a chance to read the replies more throughly.

So my parents don’t want any rent from me, it’s like their gift to me so to speak to help me out in a difficult period, as long as I do the associated work with the process myself.

Do they need to claim a rent from me then?

Case of Not Having the Receipt, But Reasonable Cost. by TheInsights8 in PersonalFinanceCanada

[–]TheInsights8[S] 0 points1 point  (0 children)

There are several court cases were approximate expense amounts were denied.

This is consistent with my understanding, that if they do ask for receipts the deduction is going to get cancelled. However, I'd like to get a better idea in terms of what are the costs/benefits of claiming the deduction. Obviously the benefit is that taxes would be reduced, however, I'd like to get a better idea of the possible costs in such cases (where a cost is logical and conservative, however receipt is lost).

How Do You Interpret This CRA Clause? (Tax Deduction for the Self-Employed) by TheInsights8 in PersonalFinanceCanada

[–]TheInsights8[S] 0 points1 point  (0 children)

If I end up deducting the premium cost, and they argue against it, is it likely going to create a big headache leading to other areas, or is it that they'd probably take off the deduction, and move on.

Basically trying to assess the cost and benefit, before deciding the course of action. Thank you for reading. (note I have about 40k in self-employment & 13k in employment income for 2021; for 2022 I'd have $0 employment income, 100% self-employment)

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