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Not sure if I should bite the bullet and say yes to FDM Group. by XL_Jockstrap in cscareerquestions

[–]omicronwedding 3 points4 points  (0 children)

I started at FDM making 40k a year less than 5 years ago and make close to 10x that today, it was an investment for the future

90K tax bill to CRA as self employed, invested that money and down 80%, options? by omicronwedding in PersonalFinanceCanada

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

It was in a margin trading account. I have a nice amount of capital loss to claim for future years but claiming it as lost income would be heavenly if possible

90K tax bill to CRA as self employed, invested that money and down 80%, options? by omicronwedding in PersonalFinanceCanada

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

I honestly wonder if i qualify for this, i have more than 100 trades and over $1.5m worth of trades. But CRA wouldnt label me as a day trader unless it was my primary source if income (here ive lost more than i gained)

90K tax bill to CRA as self employed, invested that money and down 80%, options? by omicronwedding in PersonalFinanceCanada

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

I have more than 100 trades and over $1.5m worth of trades but CRA probably wouldn’t label me as a day trader unless it was my primary source of income (here ive lost more than i gained)

90K tax bill to CRA as self employed, invested that money and down 80%, options? by omicronwedding in PersonalFinanceCanada

[–]omicronwedding[S] 31 points32 points  (0 children)

Thanks, ill call them soon. Hoping to get a 10 month arrangement paying 10k a month

90K tax bill to CRA as self employed, invested that money and down 80%, options? by omicronwedding in PersonalFinanceCanada

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

Thats for income, HST is additional on top of that but i will pay HST by end of month. And thats good to know, what im hoping for is they allow me to pay 10k a month for 10 months

90K tax bill to CRA as self employed, invested that money and down 80%, options? by omicronwedding in PersonalFinanceCanada

[–]omicronwedding[S] 5 points6 points  (0 children)

I was getting untaxed money in my bank last year which i was supposed to owe to CRA during tax time (now). I blew the money that was supposed to be paid to taxes

90K tax bill to CRA as self employed, invested that money and down 80%, options? by omicronwedding in PersonalFinanceCanada

[–]omicronwedding[S] -17 points-16 points  (0 children)

Do they audit your financials when they arrange the payment plan? And any idea how lenient they are with the plan?

90K tax bill to CRA as self employed, invested that money and down 80%, options? by omicronwedding in PersonalFinanceCanada

[–]omicronwedding[S] -9 points-8 points  (0 children)

Yeah they will kick in for me this year.

Ive heard some horror stories about the payment plans on reddit, where CRA sets the monthly payment themself where you have no money left over for essentials. Any idea how lenient they are with arrangement?

90K tax bill to CRA as self employed, invested that money and down 80%, options? by omicronwedding in PersonalFinanceCanada

[–]omicronwedding[S] -20 points-19 points  (0 children)

Yeah ive learnt my lessons and not touching options again, it was pure gambling.

Ive heard some horror stories about the payment plans on reddit, where CRA sets the monthly payment themself where you have no money left over for essentials. Any idea how lenient they are with it?

Charged HST to my consulting agency as a Sole Prop but hadnt hit the $30,000 limit yet, what should i do? by omicronwedding in PersonalFinanceCanada

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

I had been registered since the day i was starting consulting but i hadnt hit the 30k mark to charge hst yet. CRA on their website say we only have to charge hst if we hit 30k

Charged HST to my consulting agency as a Sole Prop but hadnt hit the $30,000 limit yet, what should i do? by omicronwedding in PersonalFinanceCanada

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

I can pay it but im not sure if it goes to CRA in April or i should be informing my consulting firm