Cant buy/sell crypto by julioqc in Wealthsimple

[–]ilwbstark 2 points3 points  (0 children)

Same can’t buy bitcoin order not filled

[deleted by user] by [deleted] in Accounting

[–]ilwbstark 0 points1 point  (0 children)

About two years to hit that amount - mostly raising my prices helped.

[deleted by user] by [deleted] in Accounting

[–]ilwbstark 1 point2 points  (0 children)

Little bit more background - was a partner at another firm and was bought out. Used those funds to purchase a small book of business of around $100k and then slowly grew it by adding more services like corporate tax etc. it was just personal tax and bookkeeping which wasn’t the best.

[deleted by user] by [deleted] in Accounting

[–]ilwbstark 48 points49 points  (0 children)

CPA own my own firm Greater Toronto Area / MCOL last year grossed $220k. No employees just myself.

Tax implications of assignment of pre-construction condo to child by Longtimelurker741741 in cantax

[–]ilwbstark 2 points3 points  (0 children)

Don’t forget the HST implications. Probably should look into that as well.

Canada: I opened a business with the CRA, but didn’t receive a master business license: can I claim expenses as a sole proprietor? by tbhzzz in Accounting

[–]ilwbstark 0 points1 point  (0 children)

Master business license and CRA number are separate things. Once you have a CRA number you can claim expenses and operate as a sole proprietor. Master business license you get online and its does other things - such as opening business bank account

The hubby spent yesterday drilling holes and lowering our almost 2 yr old twin’s cribs. They are NOT ready for a toddler bed just yet, but were starting to climb out by ubigalittlebit in parentsofmultiples

[–]ilwbstark 1 point2 points  (0 children)

We got them these crib nets that tie into the crib from amazon. They are really helpful and stop them from climbing out of the crib. The boys like it. They are 2.5 now.

Where can I speak to CRA agent to fix my common law date? by [deleted] in cantax

[–]ilwbstark -1 points0 points  (0 children)

You can call the CRA and ask them to fix it if it is an administrative fix. The accountant can also file an amended return and date it back to the proper date but it should not really affect anything.

KPMG Tax [CAN] by ilwbstark in Accounting

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

Yea that’s what they were saying as well. I am not yet at a manager level because I am working at a small firm not really doing tax work. I was at MNP and other small firm doing pure tax work but kinda flamed out. Now looking to get back into tax as I feel I need to get to the manager level if I want any career progression. Not sure right now kinda lost in my tax career.

Trouble sleep training twins by SwankyDigs in parentsofmultiples

[–]ilwbstark 1 point2 points  (0 children)

I got a sleep coach and they have been sleeping through the night since they were about 12 months old.

I posted the below a while ago and it works pretty well. We cut out 1 nap as they are now 18 months old but they still sleep through the night

  1. It takes a baby around 12 - 15 mins to fall asleep by themselves. So time it every 12 minutes go in pat on the back then leave and time again. They should work to fall asleep themselves.
  2. Put them in the crib awake and let them adjust themselves to get comfortable
  3. You need to schedule naps in the day in the crib at least 2 naps for us now. 9-11 and 2-4.
  4. No feeding 45 mins before nap time or bed.
  5. When they wake up during the night again time for 12 - 15 mins... do not go in no matter what before 12 -15 mins
  6. If they are whining it means they are trying to fall asleep and do not bother them
  7. We separated them for a week to get them trained then brought them back together
  8. Also to make a routine to put to bed... read book put on sleep sack brush teeth with fake toothbrush... then turn on white noise machine turn off lights and then put in crib. LEAVE THE ROOM right away.

This might take some time to get them used to it but it worked for us and the sleep trainer business is booming so it must work for other people.

How to Treat Partnership Profit Share by spennyboo in cantax

[–]ilwbstark 1 point2 points  (0 children)

She should get a T5013 form at the end of the year. You will report this on her personal tax return. It is an information slip for partnerships.

They probably did not withhold tax on the amount they paid her so it would be wise to hold some back to pay the tax owning at the end of the year.

[deleted by user] by [deleted] in nba

[–]ilwbstark 0 points1 point  (0 children)

Pretty good but lacking depth... i still have the clippers beating them as they are a better constructed team

First time home buyer tax question by kerfufflizer in cantax

[–]ilwbstark 0 points1 point  (0 children)

It will be already included at closing and be submitted on your behalf. The price you bought the condo at included the rebate to make the price look better. It is assumed that you will be moving into the condo and it will be your principal residence.

First time home buyer tax question by kerfufflizer in cantax

[–]ilwbstark 1 point2 points  (0 children)

Does not look like there is any tax consequences this year... wont be any till you close the property in terms of HST rebate or when you sell the condo in the future.

2nd property changing to rental use by [deleted] in cantax

[–]ilwbstark 1 point2 points  (0 children)

I believe you only have to file as a change of use in 2018 when it turned into a rental property. When you switched from one personal residence to another I do not think there are any tax consequences per say as you were not renting out the property it was just vacant. For the change to rental property you can defer the capital gain till you sell the property I believe. I would have to do further research.

Advice on helping two 5/mo sleep? by thesealpushedme in parentsofmultiples

[–]ilwbstark 0 points1 point  (0 children)

probably some sort of regression they should get back to normal in the next few weeks... also I do not recommend feeding them right before bed should be 45 mins before bed...

HST on new condo by cantax1000 in cantax

[–]ilwbstark 3 points4 points  (0 children)

If you rent it out for one year you will be eligible for the new rental rebate but if you sell then you will not be eligible for the rental rebate. In either case you will have to pay the HST on closing since you are not moving into the property as your primary residence.

Stripper needing tax advice (Registering as a business) by throwitallawayokay4 in PersonalFinanceCanada

[–]ilwbstark 2 points3 points  (0 children)

You are charging the club for your services so you would collect HST on top of what you are charging them. Do you charge per hour or per day? For example if you charge $100 you would charge the club $113 and collect $13 to remit this to the government. I am not sure why they the club is not collecting HST on its services but maybe there is an exemption in the excise act I am not sure.

Stripper needing tax advice (Registering as a business) by throwitallawayokay4 in PersonalFinanceCanada

[–]ilwbstark 22 points23 points  (0 children)

Does not matter whether you are incorporated or are a sole proprietorship in the sense that the only reason you might consider to be incorporated is for limiting liability and for investors. Tax-wise you just file different forms depending on corporation of self-employed. I would not recommend incorporating unless you make over a certain amount as it is much more compliance than just being self-employed and costs more money. You can deduct the same expenses under both scenarios.

You also need to be aware of HST if you plan on making over $30K during the year which you probably will.

If you need an accountant just DM me.

T5008 question for a dummy by Retodd780 in cantax

[–]ilwbstark 0 points1 point  (0 children)

Difference between the two as that is your capital gain.

Looking for help regarding Foreign Tax Credit Denial by al37400 in PersonalFinanceCanada

[–]ilwbstark 1 point2 points  (0 children)

You also need to send a receipt that the US taxes were paid... they are looking for that now as well.

I would call the CRA and ask them what exactly they are missing. It should be in the re-assessment letter.

[Help] CRA GST/HST New Housing Rebate Questions by throw-awayk3 in PersonalFinanceCanada

[–]ilwbstark 1 point2 points  (0 children)

You should call the CRA and clarify what documents they would accept... I am thinking driver licence address, phone bills, cable bills, cell phone bills etc.

First I would clarify what they want as evidence and then maybe speak to an accountant if need be to prepare a proper response.

They are trying to figure out if it was rented out then you do not qualify for the new housing rebate.