ATTENTION MR. McDONALD and GILLANDERS:

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  • #16
    Re: ATTENTION MR. McDONALD and GILLANDERS:

    Originally posted by Fred McKim View Post
    in the mail.
    M.E. will be offended that you use such archaic way. His postbox became a squirrels' house long time ago. :D

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    • #17
      Re: ATTENTION MR. McDONALD and GILLANDERS:

      Originally posted by Egidijus Zeromskis View Post
      M.E. will be offended that you use such archaic way. His postbox became a squirrels' house long time ago. :D
      The cheque is always in the mail. BTW, is an honorarium still taxable income?
      Gary Ruben
      CC - IA and SIM

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      • #18
        Re: ATTENTION MR. McDONALD and GILLANDERS:

        Originally posted by Gary Ruben View Post
        BTW, is an honorarium still taxable income?
        Considering that I get a T4 slip for an honorarium that I am given a few times a year, I would guess so.

        It doesn't show up in the normal income box though, it's in one of the extra boxes that is never used on a T4 for a normal paying job. If you're interested, I can dig one out and find out which box number.
        Christopher Mallon
        FIDE Arbiter

        Comment


        • #19
          Re: ATTENTION MR. McDONALD and GILLANDERS:

          Originally posted by Fred McKim View Post
          I don't think this is a proper topic for ChessTalk, but as usual will make a comment on behalf of the CFC.
          Without these "improper" topics nobody would come to Chesstalk to read the "proper" ones.

          Comment


          • #20
            Re: ATTENTION MR. McDONALD and GILLANDERS:

            Originally posted by Gary Ruben View Post
            The cheque is always in the mail. BTW, is an honorarium still taxable income?
            How would it be taxable given the expense of going to Brazil? I would think that they would be able to deduct expenses against the honorarium.

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            • #21
              Re: ATTENTION MR. McDONALD and GILLANDERS:

              Originally posted by Vlad Drkulec View Post
              How would it be taxable given the expense of going to Brazil? I would think that they would be able to deduct expenses against the honorarium.
              I don't know and simply asked the question. Maybe Chris knows as he replied to me.
              Gary Ruben
              CC - IA and SIM

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              • #22
                Re: ATTENTION MR. McDONALD and GILLANDERS:

                Originally posted by Jean Hébert View Post
                Without these "improper" topics nobody would come to Chesstalk to read the "proper" ones.
                Agreed :D

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                • #23
                  Re: ATTENTION MR. McDONALD and GILLANDERS:

                  Originally posted by Vlad Drkulec View Post
                  How would it be taxable given the expense of going to Brazil? I would think that they would be able to deduct expenses against the honorarium.
                  With a few specific exceptions (ie, tuition, child care, etc) the Government really doesn't care what an individual's expenses are.

                  Paying the $63 (or whatever it is now) to register a Small Business, on the other hand, can open all kinds of doors on your tax return (while at the same time making it a lot more complicated). I would hope that anyone who is interested in coaching on a regular basis, who is not an employee of a larger company like CMA, would go this route.

                  The only phrase you have to keep in mind going that route is "Reasonable Expectation of Profit" - if you're not making a profit but claiming all these expenses, CRA will start wondering why... But if you're doing it legitimately, and not just as a tax dodge, it will save you hundreds or even thousands of dollars.
                  Christopher Mallon
                  FIDE Arbiter

                  Comment


                  • #24
                    Re: ATTENTION MR. McDONALD and GILLANDERS:

                    Originally posted by Aman Hambleton View Post
                    And all the secrets come out... :D
                    Indeed! :D

                    Comment


                    • #25
                      Re: ATTENTION MR. McDONALD and GILLANDERS:

                      I feel your pain. I believe someone in CFC office has some explaining to do.

                      Originally posted by Nikolay Noritsyn View Post
                      I am not in a position to demand anything now, I went to Brazil as a volunteer and I knew I wouldnt get payed.
                      Hi Nkolay,

                      I feel your pain. I believe someone in CFC office has some explaining to do.

                      Originally posted by Nikolay Noritsyn View Post
                      just dont see how this could have happened that you guys got payed, and I did .
                      I am curious myself now. There logic is definitely unique!

                      Comment


                      • #26
                        Re: ATTENTION MR. McDONALD and GILLANDERS:

                        Originally posted by Christopher Mallon View Post
                        With a few specific exceptions (ie, tuition, child care, etc) the Government really doesn't care what an individual's expenses are.

                        Paying the $63 (or whatever it is now) to register a Small Business, on the other hand, can open all kinds of doors on your tax return (while at the same time making it a lot more complicated). I would hope that anyone who is interested in coaching on a regular basis, who is not an employee of a larger company like CMA, would go this route.

                        The only phrase you have to keep in mind going that route is "Reasonable Expectation of Profit" - if you're not making a profit but claiming all these expenses, CRA will start wondering why... But if you're doing it legitimately, and not just as a tax dodge, it will save you hundreds or even thousands of dollars.
                        If you operate as a sole proprietorship under your own name, I don't believe that you are required to register your business though you may choose to do so if your business makes revenues of more than what used to be a threshold amount of $30,000 at which point you would be required to charge and pay sales taxes. I don't think that there are too many chess instructors who are making this kind of money in Canada. Even as a sole proprietorship you would still be required and allowed to declare your revenues and expenses.

                        Comment


                        • #27
                          Re: ATTENTION MR. McDONALD and GILLANDERS:

                          Originally posted by Vlad Drkulec View Post
                          If you operate as a sole proprietorship under your own name, I don't believe that you are required to register your business though you may choose to do so if your business makes revenues of more than what used to be a threshold amount of $30,000 at which point you would be required to charge and pay sales taxes. I don't think that there are too many chess instructors who are making this kind of money in Canada. Even as a sole proprietorship you would still be required and allowed to declare your revenues and expenses.
                          My accountant told me there was no need to create a chess teaching business for my private lessons (and CMA lessons and camps are counted towards that, but doing lessons for the City of Ottawa, for example, are not). Unless I want to charge GST I am obligated to slow down and eventually stop teaching before I hit 30K in private lesson revenues each year. I would think that a dozen other chess teachers at a minimum in the country are in the same situation.

                          Oh ya two other things:

                          1) Prize money counts towards the 30K. So this weekend I will not be playing all my games "just in case". ;-)

                          2) My accountant told me it is GST on the entire amount. So for example if I earn $30,001 I don't owe five cents of GST; I owe $1500.05!
                          Last edited by Tom O'Donnell; Friday, 9th December, 2011, 07:08 PM. Reason: Addenda
                          "Tom is a well known racist, and like most of them he won't admit it, possibly even to himself." - Ed Seedhouse, October 4, 2020.

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                          • #28
                            Tom, are you taking a bye this weekend?!

                            Originally posted by Tom O'Donnell View Post
                            1) Prize money counts towards the 30K. So this weekend I will not be playing all my games "just in case". ;-)
                            Tom, you might have already told Halldor onsite tonight, but did you want a bye?!

                            I didn't have you down for any when I sent the final pre-registered list to Halldor.

                            Comment


                            • #29
                              Re: ATTENTION MR. McDONALD and GILLANDERS:

                              Mr. X (who may want to remain nameless, I'm not sure) told me that supposedly prize monies don't count towards the 30K. That's good news, if it's true. So I will play tomorrow, email my accountant tonight and hopefully have an answer by Saturday night.

                              I misread his earlier email where he explained the GST situation in general like this:

                              Let's say you make 31K in year one. You pay GST on the excess 1K.

                              But in year two, let's say you make 25K. You pay GST on the whole 25K, since now I guess you have GST number. Same with every subsequent year as long as you are in (the same?) business. Very confusing, at least to me.
                              "Tom is a well known racist, and like most of them he won't admit it, possibly even to himself." - Ed Seedhouse, October 4, 2020.

                              Comment


                              • #30
                                Re: ATTENTION MR. McDONALD and GILLANDERS:

                                Originally posted by Tom O'Donnell View Post
                                Oh ya two other things:

                                1) Prize money counts towards the 30K. So this weekend I will not be playing all my games "just in case". ;-)

                                2) My accountant told me it is GST on the entire amount. So for example if I earn $30,001 I don't owe five cents of GST; I owe $1500.05!
                                Wouldn't you owe 13% in HST so $3900.13 less your HST paid on expenses?

                                I am a bit surprised at his interpretation on prizes counting towards the total.

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