Well, the business need to earn revenue. If you can figure out how to do that with less work, that's a win!This quote is hidden because you are ignoring this member. Show Quote
Well, the business need to earn revenue. If you can figure out how to do that with less work, that's a win!This quote is hidden because you are ignoring this member. Show Quote
This quote is hidden because you are ignoring this member. Show Quote
It's audit season coming up. I don't know if my boss would appreciate it if I quit to drive Uber. This is a dumb idea...but Tezzla.
Last edited by The_Rural_Juror; 03-24-2019 at 04:11 PM.
This seems the appropriate place for this
I have been told I took like Eugene Levy before, you an actually see my eyes popping out of my head here
Originally posted by Thales of Miletus
If you think I have been trying to present myself as intellectually superior, then you truly are a dimwit.
Originally posted by Toma
fact.This quote is hidden because you are ignoring this member. Show Quote
2007 GMC 2500 Duramax
1981 GMC C1500 454
I don’t want to poo poo on you guys but at the end of the day regardless if it’s a 20,000 RAV4 or a 120,000 BMW you can only write off a certain amount. It’s not like the full total will be written off.
You could argue the point why do they get to decide what I get? They can’t tell me to buy a red vechile when I want a white. The same goes for what brand or price point I pick.
We have a lot of business meals, a lot of parts have to get picked up, a lot of driving to potential clients - there will be a lot of miles driven for the business regardless if I drive a lot for personal.
Professionally Retired
Well, you have to MAKE $55K off Uber first. That's not likely in most cases in Calgary.This quote is hidden because you are ignoring this member. Show Quote
https://igorryltsev.com/how-much-do-...in-calgary-ab/
Say YOU DO make $55K, using Alberta small business tax rate of 2% and Fed tax rate of 10% and write off all $55K and assuming you keep all in business, you are literally saving 12% off $55K or $6.6K in taxes.
A lot of work for that. So I rather buy a cheaper EV and get cold hard $5K will little hassle*
* Nobody knows how Fed EV rebate details yet.
Last edited by Xtrema; 03-24-2019 at 06:04 PM.
Hope my boss doesnt see this. You should totally be doing my job. Unless you are my boss.This quote is hidden because you are ignoring this member. Show Quote
"Can't you pay for dinner? You can just write it off can't you?"
"Yeah but the government isn't then paying for all of dinner."
"Leisure and entertainment that shit bro."
Legit conversation I've had.
OP, I'm sure you know this already given you're a "transport business" but keeping a log of KMs is very important.
Rig-logic and write-offs is pretty funny too. Like this one company man who bought a brand new baller trailer and truck, and claimed he needed them to live by the rig since housing was "insufficient."
Ultracrepidarian
Heres what I did...
YMMV...
I purchased a new truck in 2010. My company made the payments and covers insurance.
Yearly I submitted a kilometer log to my accountant and he worked whatever voodoo he does.
Minimal / no corp taxes depending on the year.
Now that the truck is paid off I still submit the kilometer log as I still use it for work / site trips occasionally.
I guess the km are now used as a credit (?) towards overall corp income now that there aren't any loan payments anymore.
I did / am doing the same thing for my wifes lease.
2011 Ram 1500 QC Sport
2017 Jeep Cherokee Limited
You may be able to claim a certain amount as a "depreciating equipment" IIRC. Otherwise deductions for your gas, insurance, maintenance is a % usage of your overall yearly KM's -- hence the KM log. For example, 50% work use, 50% of aforementioned expenses are tax deductible.
Ultracrepidarian
Just a heads up I had CRA review our schedule 8, class 10 purchases for the last several years late last year. Purposely looking for vehicles not related to business use. The accounting firm I use mentioned that a ton of clients have had the same review recently. CRA seems to looking for people bending the rules more than usual lately. Just something to keep in mind when doing your taxes.
I think this new wave actually started in 2013/14. Audit used to be kind of random but then AI and algo happened and they were able to put tax returns into analytics, match with geographical and census info (are you making $50K in a $200K neighbohood?) to find anomalies to trigger reviews.This quote is hidden because you are ignoring this member. Show Quote
Apparently the new program increased revenue/tax reclaimed per CRA agent by 50%.
Last edited by Xtrema; 03-25-2019 at 04:41 PM.
Yup. My 2013/2014 tax return was audited 2 years ago when my accountant fucked up my travel expenses.This quote is hidden because you are ignoring this member. Show Quote
sig deleted by moderator, click here for info
I am not surprised by this at all and I don't blame them. Still they are a pita to deal with even when they don't find anything. I have also dealt with numerous GST/PST/RST audits the past two years and they actually requested info on a large FX transaction that happened in 2017. So far SK PST is the only one that has come away with anything of value, but I still feel like the frequency and range and depth of audits has increased huge in the last few years.This quote is hidden because you are ignoring this member. Show Quote
I wonder if you make a few large targeted donations to the liberals if this would go away...
Why are you not having this discussion with your corporate accountant is my first question? Everyone has an opinion and everyone's business is different, no one can answer this more effectively than them.
Additionally, accountants are like anyone else where you have ones who are "by the book" risk averse and one's who are more interpretive. A simple litmus test when discussing these things is what would the outcome be under audit? A green light, a speeding ticket or a jail sentence? Then, govern yourself accordingly.
Originally posted by SJW
Once again another useless post by JRSCOOLDUDE.
Originally posted by snowcat
Don't let the e-thugs and faggots get to you when they quote your posts and write stupid shit.^^ Fact CheckedOriginally posted by JRSC00LUDE
I say stupid shit all the time.
I don't think OP was actually asking for advice for his business, or at least that's not how I took it.
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We’ve had many discussions with the accountant already, hence why our current vehicles ( including the “work” Ford Super Duty ) is still in our personal names. Now he’s opened up our eyes to the laws of taxation towards adding “personal” vehicles to our books.
He’s been doing this for 10 years and a good portion of his clients are in the transport industry.
Regardless this discussion was about picking one of two vehicles. The discussion failed and I won’t be choosing neither anytime soon.
Professionally Retired
Discussion = success in that case!This quote is hidden because you are ignoring this member. Show Quote
Ultracrepidarian
Ahhh, I didn't even click his link.This quote is hidden because you are ignoring this member. Show Quote
To quote the kids these days, this thread is a "weird flex" then.
Originally posted by SJW
Once again another useless post by JRSCOOLDUDE.
Originally posted by snowcat
Don't let the e-thugs and faggots get to you when they quote your posts and write stupid shit.^^ Fact CheckedOriginally posted by JRSC00LUDE
I say stupid shit all the time.
Ninja Banerjee reference.