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Taxes can be like monsters under your bed: they’re scary because you don’t know what lurks there. This seminar takes the fear away by taking the mystery away. In three entertaining hours, you’ll learn how to reduce your tax bill and keep the Canada Revenue Agency happy at the same time. Learn which expenses are allowed, what it means to incorporate or register for the GST/HST, and how to avoid the pitfalls that get the CRA steamed.
We’ll cover the advantages and responsibilities that come with being a freelancer and running your own business. By the end of this seminar, you’ll feel confident about your taxes, and, with the worry off your mind, you’ll be ready to devote more of your mental energy to what you do best: your work! (more…)
At the February 2015 meeting of EAC’s Toronto branch, tax advisor Sunny Widerman spoke with editors about how to make tax time less frightening. Discussion topics included expenses, registering for GST/HST, and what the Canada Revenue Agency really wants from you.
For more information, contact Sunny at personaltaxadvisors.ca.
By Carolyn Camilleri
For many people, doing taxes is like going to the dentist—a necessary evil that adds pressure more than it creates fear. So says Sunny Widerman, accountant and owner of Personal Tax Advisors. Unless, she adds, you are self-employed and looking at a mountain of receipts that you are not sure what to do with.
“People are always afraid that the Canada Revenue Agency is going to be very angry with them for not doing it right, even though most people don’t fully understand what they are doing in the first place,” she says.
Not knowing what to do leads some people to not file their taxes for a couple of years—and so the terror builds. But for self-employed people, a bigger concern than being audited should be GST/HST registration.
“People are afraid of the wrong things. The thing that everyone is afraid of—getting audited—almost never happens,” says Widerman. “The thing that does happen a lot is that [the CRA] comes back years later and says, ‘You should have been registered for the GST/HST, and we want the GST/HST that you should have been collecting three years ago, even though you never collected it.’ And it is hell.”
Keep in mind, too, that the cut-off for having to register for and file GST/HST is $30,000 income in any 12-month period; it isn’t based on the calendar year. So if you have one $15,000 job in December and another $15,000 job in January, that’s it—you have to register. It doesn’t matter that it was split over two years.