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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.
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.
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.
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.
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.
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