do you keep track of all the clients you've seen?
- Thread starter Chessmen
- Start date
There might be a reason for keeping a record of first names and numbers, to do with justifying your business to the income tax department. So you don't believe in filing income tax, you might find yourself in a difficult situation. I have mentioned in other threads of a former local SP who told me she has been threatened with losing her car, income garnished, and possible criminal charges. When it comes down to you needing to apply for government assistance, or even a real job, your next income tax submission could lead to a whole investigation that triggers a mess. A few gals on this board have told me of their experiences briefly, and you can check the government website on prosecutions for details on how little they will go after.
I keep numbers with a personal nickname attached so I can remember preferences, etc. The notes are all in my head.
besides all that, you may need to pay GST as one noted, and maybe even self employed Canada Pension. That really, is a bonus, because if you realized how many people in this country don't have a pension plan, it is terrible. So get yourself in now.
Expenses count too, so rent, phone, possible moving costs, maybe car and gas, taxies, etc, can be big income reducers. A good book keeper is like maybe $50 a month for all this. Worth the effot.
Expenses count too, so rent, phone, possible moving costs, maybe car and gas, taxies, etc, can be big income reducers. A good book keeper is like maybe $50 a month for all this. Worth the effot.
here is a scoop from the Revenue Canada website of a BC income tax issue. Learn from it.
West Kelowna, British Columbia, June 26, 2014... The Canada Revenue Agency (CRA) announced today that West Kelowna businessman (real name at website) was sentenced on June 25, 2014, in Kelowna Provincial Court. He pled guilty to one count of Income Tax evasion and one count of Excise Tax evasion. He was sentenced to 9-months’ probation and was fined $28,922, representing 75% of both income tax evaded and Goods and Services Tax (GST) he failed to remit. He was given 24 months to pay the fine.
A Canada Revenue Agency investigation determined that Mr x, doing business as The Bug Man, failed to report income of $163,378 for the 2007 and 2008 taxation years. The investigation further determined that despite reporting net income of only $10,067 and no net income in 2007 and 2008 respectively, X was able to enjoy a cruise, a trip to Mexico, and several fishing excursions off the west coast of Vancouver Island. By providing incomplete books and records to both his bookkeeper and accountant, he evaded $29,535 in federal income tax and $9,028 in Goods and Services Tax.
The preceding information was obtained from the court records.
When taxpayers are convicted of income tax evasion, they must still repay the full amount of taxes owing, plus interest and any civil penalties that may be assessed by the CRA. In addition, the court may fine them up to 200% of the taxes evaded and impose a jail term of up to five years.
If you have ever made a tax mistake or omission, the CRA is offering you a second chance to make things right through its Voluntary Disclosures Program (VDP). If you make a valid disclosure before you become aware that the CRA is taking action against you, you may only have to pay the taxes owing plus interest. More information on the VDP can be found on the CRA's website at www.cra.gc.ca/voluntarydisclosures.
Further information on convictions can also be found in the Media Room on the CRA website at www.cra.gc.ca/convictions.
West Kelowna, British Columbia, June 26, 2014... The Canada Revenue Agency (CRA) announced today that West Kelowna businessman (real name at website) was sentenced on June 25, 2014, in Kelowna Provincial Court. He pled guilty to one count of Income Tax evasion and one count of Excise Tax evasion. He was sentenced to 9-months’ probation and was fined $28,922, representing 75% of both income tax evaded and Goods and Services Tax (GST) he failed to remit. He was given 24 months to pay the fine.
A Canada Revenue Agency investigation determined that Mr x, doing business as The Bug Man, failed to report income of $163,378 for the 2007 and 2008 taxation years. The investigation further determined that despite reporting net income of only $10,067 and no net income in 2007 and 2008 respectively, X was able to enjoy a cruise, a trip to Mexico, and several fishing excursions off the west coast of Vancouver Island. By providing incomplete books and records to both his bookkeeper and accountant, he evaded $29,535 in federal income tax and $9,028 in Goods and Services Tax.
The preceding information was obtained from the court records.
When taxpayers are convicted of income tax evasion, they must still repay the full amount of taxes owing, plus interest and any civil penalties that may be assessed by the CRA. In addition, the court may fine them up to 200% of the taxes evaded and impose a jail term of up to five years.
If you have ever made a tax mistake or omission, the CRA is offering you a second chance to make things right through its Voluntary Disclosures Program (VDP). If you make a valid disclosure before you become aware that the CRA is taking action against you, you may only have to pay the taxes owing plus interest. More information on the VDP can be found on the CRA's website at www.cra.gc.ca/voluntarydisclosures.
Further information on convictions can also be found in the Media Room on the CRA website at www.cra.gc.ca/convictions.
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Making a valid mistake is not normally a problem, it is when you deliberately conceal stuff, then they come down hard.
If you are self employed, and declare all your income, but are unaware that you need to pay CPP or GST for example, they will tell you when they do the assessment and there will be no problem.
If you do that every year then they will get pissed off. If you don't declare your income, then they will become really pissed off.
If you are self employed, and declare all your income, but are unaware that you need to pay CPP or GST for example, they will tell you when they do the assessment and there will be no problem.
If you do that every year then they will get pissed off. If you don't declare your income, then they will become really pissed off.
I would think a good sp does or has a fantastic memory,
The lady I do has, she mentioned it in passing once, a black book with notes.
The lady I do has, she mentioned it in passing once, a black book with notes.
