Hi Allan, please correct me if I wrong. This way is only suitable for Self-Employed Individuals but not for Corporation ? I'm using CRA certified software and I cant add T2125 to T2 Corporate tax return. Can you please explain how to write off home base expenses for Corporation ? I only found Heat/Water/Electricity expenses on form T2 SCH 125 lines : 9221 , 9222 , 9223 . I can put just proportion of Corporate expenses from "total" home expenses in this field ?
Hey Allan I love your videos as they are very informative! Since you're no stranger to earnings online I was hoping you could do a video specific to this.
Hi Allan, I have a question. I have a coop where we do large group buys of items.I receive e-transfers and purchase the goods. I then put them in bags for people to pick up. I also charge a fee for managing the transaction. I was told that I have to count all the transfers as revenue vs the service fee. Is this true? If so, how do I go about making it very clear that my revenue is the fee vs the e-transfer total used to purchase the goods. Nothing is bought until the funds from the coop are received :P
Aren't you are just supposed to claim $4,350.00 (a portion for home office use) which is calculated as follows: $17,400 x 25% (25% (500sqft) is a portion you are using for home office use and (1,500sqft) 75% is your personal use).
Hi John-Eric, if the total home office expenses are $17,400, and 500 square feet is used for a home office from a total living area of 2,000 square feet, then the deductible portion of the home office expenses is equal to $4,350 (25% x $17,400).
Hi Allan, I am trying to do CCA on vehicle I purchased (monthly installments) for $38,000 in 2015 which I only use for business in 2017. The FMV was $25,000 beginning of 2017. I use it 50% for business portion and what class should I chose now 10.1 or 10.00? Also, what should I input for the total cost of the vehicle? Third question, do I still need to do the 50% rule for vehicle I bought in 2015? Thanks very much for your help. Hardeep
Hi Hardeep, the total cost of the vehicle for tax purposes will be $25,000. Use CCA Class 10 to record the purchase in the 2017 year. Apply the 1/2 year rule, so that in 2017 only 1/2 of the normal amount of CCA can be claimed.
THANK YOU, I've browsed a few videos and yours is the most comprehensible
Thank you for your feedback.
Thank you for such a helpful video on taxation
Thanks Allan. Great video my friend ! I will take a look at your website
Thank you
Hi Allan, please correct me if I wrong. This way is only suitable for Self-Employed Individuals but not for Corporation ? I'm using CRA certified software and I cant add T2125 to T2 Corporate tax return. Can you please explain how to write off home base expenses for Corporation ? I only found Heat/Water/Electricity expenses on form T2 SCH 125 lines : 9221 , 9222 , 9223 . I can put just proportion of Corporate expenses from "total" home expenses in this field ?
Allan, it is possible to make a video on Vehicle CCA for different scenarios?
Thank you. What if the vehicle is purchased and not leased?
Hey Allan I love your videos as they are very informative! Since you're no stranger to earnings online I was hoping you could do a video specific to this.
Hi Willie, thank you for the great suggestion. I hope to prepare this video in the near future.
Hi just wondering if you have NEW tutorial on how to file tax for business owner. Thank u
Please make a video for Self employees such as Health Care Aide Workers and go to home care units
Hi Allan, I have a question. I have a coop where we do large group buys of items.I receive e-transfers and purchase the goods. I then put them in bags for people to pick up. I also charge a fee for managing the transaction. I was told that I have to count all the transfers as revenue vs the service fee. Is this true? If so, how do I go about making it very clear that my revenue is the fee vs the e-transfer total used to purchase the goods. Nothing is bought until the funds from the coop are received :P
Aren't you are just supposed to claim $4,350.00 (a portion for home office use) which is calculated as follows: $17,400 x 25% (25% (500sqft) is a portion you are using for home office use and (1,500sqft) 75% is your personal use).
Hi John-Eric, if the total home office expenses are $17,400, and 500 square feet is used for a home office from a total living area of 2,000 square feet, then the deductible portion of the home office expenses is equal to $4,350 (25% x $17,400).
Hi Allan, I am trying to do CCA on vehicle I purchased (monthly installments) for $38,000 in 2015 which I only use for business in 2017. The FMV was $25,000 beginning of 2017. I use it 50% for business portion and what class should I chose now 10.1 or 10.00? Also, what should I input for the total cost of the vehicle? Third question, do I still need to do the 50% rule for vehicle I bought in 2015? Thanks very much for your help. Hardeep
Hi Hardeep, the total cost of the vehicle for tax purposes will be $25,000. Use CCA Class 10 to record the purchase in the 2017 year. Apply the 1/2 year rule, so that in 2017 only 1/2 of the normal amount of CCA can be claimed.
Thanks very much Allan! You are awesome. God bless you my friend and take care well