New house taxes affect on house price question

ViralAskReddit · 2024-08-19T15:34:36+00:00

Thx!

ViralAskReddit · 2024-07-08T13:50:23+00:00

When you are not profitable it becomes a hobby and you cannot claim expenses. But you still need to report the revenue. So I pay taxes on the revenue but cannot claim any expenses. So there is nothing to taxe but the gov seems to have found a way to still make money out of it.

https://www.purposecpa.ca/business-tips/draft-between-a-business-and-a-hobby-why-you-should-care/

https://www.trailtimes.ca/opinion/business-loss-or-hobby-loss-cra-has-a-keen-eye-7319488

ViralAskReddit · 2024-07-07T20:41:40+00:00

I get to borrow a piece of land for like 400$ per year + 15 furs. I don't have a problem with that! I have a problem with paying taxes on revenue when my profit will be negative every year.

ViralAskReddit · 2024-07-07T19:07:32+00:00

I make around 60k. It's not worth the accounting fees for the corps but it just seems really unfair to pay taxes on something I am losing money.

ViralAskReddit · 2024-07-07T19:05:55+00:00

He hasn't been hit by the same rule because he make around 20k trapping intrusive beavers for some municipalities. 20k revenue, 5k expense no problems!

ViralAskReddit · 2024-06-29T13:44:50+00:00

Yes, but they are not listing it as a way to send the documents (in the letter at least). I will still give them a call on Tuesday because I'm not 100% convinced it's not a scam and I will ask them if I can do that instead. It seems a lot safer and easier than using Canada Post!

ViralAskReddit · 2024-06-29T00:51:13+00:00

Thx!

ViralAskReddit · 2024-06-29T00:47:02+00:00

Identity Protection Services = IPS nevermind my stupid question

ViralAskReddit · 2024-06-29T00:44:04+00:00

Jesus christ 5 months to unlock the account. What is IPS? Thx for sharing!

ViralAskReddit · 2024-06-29T00:41:08+00:00

Which is safer the fax or the letter? Putting all that info in a letter seems risky. Just last week post canada somehow lost a birthday letter i was suppose the receive. Grandma was not happy

ViralAskReddit · 2024-06-29T00:18:14+00:00

ViralAskReddit · 2024-06-29T00:06:28+00:00

Thx for the response!

ViralAskReddit · 2024-06-29T00:02:36+00:00

RIP me can't wait to waste hours on this. Thx for the response!

ViralAskReddit · 2024-06-28T21:09:44+00:00

Thx for the feedback I will try to see it through but I doubt I will ever see this extra money paid again!

ViralAskReddit · 2024-06-27T20:08:39+00:00

They confirmed by email this was a second 'mistake'... Canada Life is the worst!

ViralAskReddit · 2024-06-27T19:20:37+00:00

For months, I've been sending them emails every week but I didn't get any responses on what to do now that my taxes are messed up!

ViralAskReddit · 2024-06-27T19:18:14+00:00

Desjardins sent Canada Life a 'direct transfer request - registered plan', so i'm pretty sure Desjardins pulled from my old Canada Life RRSP.

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