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Where do I enter tips on my tax return? What percentage do I report?
Where do I enter tips on my Canadian tax return? Put them on Line 104: Other Employment Income. But before you do this, double check that your employer does not report any of your tips on your T4....
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What year should I carry my current year capital loss back to?
(Before or after reading this post you may want to refresh your memory with: What do I do with a capital loss?) Here is a great question that I thought I’d pull out of the comments and make into a...
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Chainsaw deduction for forestry worker employees
Do you work in the forestry industry? Did you buy a new chainsaw or trimmer? You can deduct the cost of these (and their operating expenses) on your tax return on Line 229. To do so, you must meet...
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What happens with remaining inventory in last year in business?
This was a good question I got from someone recently that I thought others might find useful. “I ran a small (teeny, tiny) gift basket business (from home). I’m reporting 2012 as my last year in...
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Can I deduct safety deposit boxes on my 2013 personal taxes?
Yep! It’s still good. But starting in 2014 it’s a no-no. Here’s the details. Oh, and in case you’re wondering, you enter it on Schedule 4. Scroll down until you see number III.Filed under: Personal...
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