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Dark Knight / Le Chevalier Noir
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---- Nous avons besoin d'un traduction français!
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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.
I think its even more confusing than that. The GST number in the case of a sole proprietorship applies to all of your business income earned as a sole proprietor regardless of which business you are earning it from. Once you have a number as an individual you have to pay whether you earn $30k or $1k unless you de-register.
I would think that tournament winnings would be similar to gambling income which is tax free unless you are a professional gambler. In any case, even if I was wrong on that, you would then be able to deduct all the GST/HST paid on inputs like hotel rooms, chess books and equipment, chess videos, chess lessons and CFC memberships required to earn that income. You could probably also throw in the pro-rated cost of HST on your internet access for time spent posting to chesstalk. :D
I think its even more confusing than that. The GST number in the case of a sole proprietorship applies to all of your business income earned as a sole proprietor regardless of which business you are earning it from. Once you have a number as an individual you have to pay whether you earn $30k or $1k unless you de-register.:D
De-registering sounds like a lot of fun!
If you are earning that much money it's probably worth incorporating, actually, as it would dramatically reduce the amount of income tax paid.
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.
One of our teachers was caught by Revenue Canada...I believe they went back about 4 years...
I think its even more confusing than that. The GST number in the case of a sole proprietorship applies to all of your business income earned as a sole proprietor regardless of which business you are earning it from. Once you have a number as an individual you have to pay whether you earn $30k or $1k unless you de-register.
I would think that tournament winnings would be similar to gambling income which is tax free unless you are a professional gambler. In any case, even if I was wrong on that, you would then be able to deduct all the GST/HST paid on inputs like hotel rooms, chess books and equipment, chess videos, chess lessons and CFC memberships required to earn that income. You could probably also throw in the pro-rated cost of HST on your internet access for time spent posting to chesstalk. :D
Under the old GST anybody self employed could make money by using the "quick method", collecting 7% from their clients and giving 4 to 5% ( depending on the yearly amount ) to Revenue Canada. I was surprised how many fellow consultants were unaware of this rule, but is was easy revenue without any undue paperwork. Not sure under the new tax scheme if this break still exists.
If you are earning that much money it's probably worth incorporating, actually, as it would dramatically reduce the amount of income tax paid.
I've done it twice (de-registering) going from self employed to working for someone else. Not a big deal. If you are making under $40k and maybe somewhat more it is probably pretty marginal to incorporate. What you gain in income tax savings you lose in red tape and additional reporting requirements. The marginal rate for individuals in Ontario at a net income of $39,000 is about 20%. The rate for corporations is 15.5% in Ontario. If we are talking about the $30k of revenue to trigger the HST registration requirement, you are probably going to be well under $20k in net income even if you live somewhere where travel and hotel stays are not necessary to earn big money. I don't believe that corporations have same type of exemptions which tend to lower the overall rates for individuals at the low end of the earning scale. I am sure that one of the accountants would know better.
On behalf of CFC you offered honorarium of $350.00 to be paid for our services with airfare at WYCC, for providing coaching assistance to approximately 1/3 of the team. I do have an official from you, that you send on September 11, 2011 at 10:29 P.M.. You probably received authorization from Mr. Gillanders to do this.
Mr. Gillanders approved the airfare, when it was purchased for all the coaches.
So far I have no seen received it from you or CFC office yet. After WYCC you wrote that you will get it done ASAP!
Few days later I send you 2 emails regarding this, but there was no reply from you regarding this. You SIMPLY ignored them!
Since you ignored my last 2 emails, you simply left me no choice but to go to Chesstalk regarding this issue.
Let me remind you that I do have official offer, that you send me. I did my part! Now its time for your to finish yours. Either you finish part of your business proposition or get Mr. Gillanders to do it for you.
What was the end result of all this? Did you (and the other coaches?) receive the honorarium? Was it the amount that was agreed upon? Was the cheque lost in the mail or ...
What was the end result of all this? Did you (and the other coaches?) receive the honorarium? Was it the amount that was agreed upon? Was the cheque lost in the mail or ...
What was the end result of all this? Did you (and the other coaches?) receive the honorarium? Was it the amount that was agreed upon? Was the cheque lost in the mail or ...
Just ask your Executives or Youth coordinator. It is very simple to do!
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