Canadian Tax Question [NO PICS]

[Cyborg 2.0]

I recieve money on my paypal account and usually withdrawed them using paypal atm card... and i didn't need to pay taxes for it
but if i would transfer them to my account would it appear as i got paid from paypal or if i just got a transfer from a friend or family...?

[Cyborg 2.0]

in other words do i need to declare money that i trasfered from paypal account to my canadian bank account?

[EviLGuY]

I would definitely claim that money.. he'll I'd claim everything you send through your paypal account.

Unless you go the extra mile like me and get a paypal account in your offshore business account name.

[Cyborg 2.0]

but what about checks coming from us if the company doesn't have ur sin u dont need to declare it

[Sarah - GTS]

Originally posted by Cyborg 2.0
in other words do i need to declare money that i trasfered from paypal account to my canadian bank account?

Technically the answer is yes, if you were ever audited the first thing CCRA would ask for would be your bank statements, and the income from Paypal would be taxable.

[Cyborg 2.0]

Another question is it possible somewhere in toronto to withdraw usd from the atm using paypal card?

[Cyborg 2.0]

bump

[Reak]

Why would we need Pics in this thread?

[Dusen]

Pay your taxes.

Jesus I can't stress that enough. Declare every cent. If you don't like paying, then get an accountant that can find you loopholes.

[Cyborg 2.0]

Originally posted by Dusen
Pay your taxes.

u sure there is no way around it?

[lazzlo]

I am going to declare sarting next year, so I would'nt know. It's damn easy for us to feel we don't have to declare everything from US sponsers since we are in Canada and they don't have our SIN #. I have to start only because my $ has gone way up lately, Bummer.

[rickholio]

If you live and work in Canada providing services (for instance, selling content, programming, administration etc) and get US funds for your services, then you should declare in Canada (with an added bonus that you don't need to withhold GST on goods/services sold to the US which are considered 'zero rated'). When things start getting more complex, the answer isn't quite so simple.

If you're smart, you'll incorporate so your tax burden is substantially reduced and which will allow you to take $25k or more per year tax free from your business to personal as a dividend, plus get major tax advantages by writing off travel, computer parts, subcontractor labour etc as direct expenses. In the maritimes (where I live) I get an effective 18% discount on many things because I can hahahahaha those expenses off directly against my corporate taxes.

IANAA (I Am Not An Account), and thus I believe it's ABSOLUTELY essential that you find out what the deal with the tax situation is in your situation... the last thing you want is CCRA ripping through your financial history. While not as soul-crushingly evil as the IRS, they'll still make your life awfully miserable if you take too many liberties.

[TheDoc]

Learn about "trade agreemens" and "natural persons" in Canada and then you learn how not to pay your tax... Hell even get a refund from the Canadian GOV on back taxes paid.

[Fabien]

Originally posted by Dusen
Pay your taxes.

Jesus I can't stress that enough. Declare every cent. If you don't like paying, then get an accountant that can find you loopholes.

I suppose you like to pay 53%+ in taxes every year + 15%+ on everything you buy/do and even call them back to say they forgot something huh !!!???

Hummmm have you heard about the latest money scandal or read the latest general verificator report ?

I guess some people just LOVE to get ass fucked

[Fabien]

Oh yeah No wonder you have the word "Jesus" in your reply

[Goose]

Originally posted by Dusen
Pay your taxes.

Jesus I can't stress that enough. Declare every cent. If you don't like paying, then get an accountant that can find you loopholes.

[sake]

Originally posted by Cyborg 2.0
Another question is it possible somewhere in toronto to withdraw usd from the atm using paypal card?

I was wondering the same thing, but not with the PayPal card..
Can you take out money from ePassporte somewhere in the GTA area and receive US dollars instead of CDN?

[Cyborg 2.0]

Originally posted by Fabien
I suppose you like to pay 53%+ in taxes every year + 15%+ on everything you buy/do and even call them back to say they forgot something huh !!!???

Hummmm have you heard about the latest money scandal or read the latest general verificator report ?

I guess some people just LOVE to get ass fucked

would u enlighten me as to what are u taking about?

[Za Ha]

Originally posted by Cyborg 2.0
Another question is it possible somewhere in toronto to withdraw usd from the atm using paypal card?

Yes but you will be losing a LOT of money. Go downtown to the Royal Bank of Canada (the BIG BUILDING). You can take out USD but it will fuck you in the following way:

The machine will take US funds from paypal, convert to Canadian at a shitty rate, and then convert back to US at a shitty rate, so you are losing TWICE on the currency ratio..

Best bet is go across the border (Niagra Falls) and take out the max on your card once a day.

[Cyborg 2.0]

what about citibank downtown can't they directly withdraw us dollars?

also i've seen in money marts they have 2 debit machines one says canadian another us can they withdraw money from us cards directly?

[Cyborg 2.0]

btw royalbank gives slightly better rates then othe candian banks if u withdraw canadian money

[Paul Waters]

I must be missing something.

Why not just convert to CAN$ with Paypal, and have them send you a cheque?

[ZoiNk]

1) No matter where in the world you earn your money, the CCRA requires you to file, otherwise it is tax evasion.

2) Cibc has some machines that can do US$ withdrawals. The search on their website should show you which ones in your area.

ZoiNk

Originally posted by Paul Waters
I must be missing something.

Why not just convert to CAN$ with Paypal, and have them send you a cheque?

Because he's trying to evade paying his taxes and doesn't want a paper / transaction trail.

[CAHEK]

Originally posted by Fabien
I suppose you like to pay 53%+ in taxes every year + 15%+ on everything you buy/do and even call them back to say they forgot something huh !!!???

Hummmm have you heard about the latest money scandal or read the latest general verificator report ?

I guess some people just LOVE to get ass fucked

[rickholio]

Originally posted by Fabien
I suppose you like to pay 53%+ in taxes every year + 15%+ on everything you buy/do and even call them back to say they forgot something huh !!!???

Hummmm have you heard about the latest money scandal or read the latest general verificator report ?

I guess some people just LOVE to get ass fucked

Either your numbers are completely fabricated, or you've been surrounding yourself with idiots. I paid 18.1% on my income last year (in fact, I overpaid because I paid in 18.1% on every cheque I received and wait to total up deductions at end of fiscal year.) I kept down any residual taxes paid on personal income by tossing a few thousand into RRSPs.

Only the most extreme levels of personal income even come close to those rediculous numbers. Here's the REAL information on Canadian personal income tax:

http://www.ccra-adrc.gc.ca/tax/indiv...03_rate-e.html

Where it's clearly shown that the maximum margin is 29% + 18.02% =~ 47%, and only on anything you make over $106k and only if you live in Newfoundland. If you made, say, $100k in newfoundland you'd be paying out 36.2% combined in the most highly taxed place in Canada. An average guy living in toronto making, say, $70k a year will be paying around 27.4%. $70k/year, coincidentally, is the point where many accountants will suggest that the tax advantages of incorporation will give benefits that will fully offset the paperwork and expense of incorporation.

Just by comparison, federal and state taxes in Connecticut are 36.7% combined, not marginal (at least not according to this site), and without the same public services we enjoy here.

[Radik]

If the money never enters canada i ignore it... really you need a bank in CR with a debit card, and ccbill x'fering by wires.

[Fabien]

Originally posted by rickholio
Either your numbers are completely fabricated, or you've been surrounding yourself with idiots. I paid 18.1% on my income last year (in fact, I overpaid because I paid in 18.1% on every cheque I received and wait to total up deductions at end of fiscal year.) I kept down any residual taxes paid on personal income by tossing a few thousand into RRSPs.

Only the most extreme levels of personal income even come close to those rediculous numbers. Here's the REAL information on Canadian personal income tax:

http://www.ccra-adrc.gc.ca/tax/indiv...03_rate-e.html

Where it's clearly shown that the maximum margin is 29% + 18.02% =~ 47%, and only on anything you make over $106k and only if you live in Newfoundland. If you made, say, $100k in newfoundland you'd be paying out 36.2% combined in the most highly taxed place in Canada. An average guy living in toronto making, say, $70k a year will be paying around 27.4%. $70k/year, coincidentally, is the point where many accountants will suggest that the tax advantages of incorporation will give benefits that will fully offset the paperwork and expense of incorporation.

Just by comparison, federal and state taxes in Connecticut are 36.7% combined, not marginal (at least not according to this site), and without the same public services we enjoy here.

Oh 36.2% ONLY + 15%+ on everything you do/buy.



Give me a break, when you people are going to wake UP !
We are behing SCREWED all the way and you know what's WORST !
The majority of Canadiens will vote Liberal !?????#$$%&%@$@#$@@% AGAIN Can you dig this ? All the scandals flying everywhere.

Simply amazing ! Fuck they've been around for like what ? 14 years or so ? Imagine all the nice shit going on......

[daveylapoo]

Rickholio, your advice is golden.

After dodging taxes for 5 years as a musician, they got me. they got me good.

If you're in the business for the long haul, it's best do keep it on the level. Spend the money, and get a good accountant who knows where you can push it, and where you can't. You'd be surprised what sends up flags, and what they'll let you get away with.

I've spent some hefty dollars on a great accounting firm the last couple of years, but they've got me paying next to nil (now that I'm caught up), and I have the piece of mind knowing nothings going to 'bite me in the ass' down the line.

[rickholio]

Originally posted by Fabien
Oh 36.2% ONLY + 15%+ on everything you do/buy.

Pay attention. It's 36.2% in the highest tax area in Canada, and only if you're a terminal dumbass by not taking advantage of deductions or, like most intelligent people, incorporation.

Perhaps you missed the point where I said I paid 18.1% last year? Is that a factoid that you conveniently ignored because it doesn't agree with your preconceived notion of how things work, or are you just nonplussed by the fact that there's people who know the real numbers and will call you on your obviously false claims?

Give me a break, when you people are going to wake UP !
We are behing SCREWED all the way and you know what's WORST !
The majority of Canadiens will vote Liberal !?????#$$%&%@$@#$@@% AGAIN Can you dig this ? All the scandals flying everywhere.

Yes, most people in Canada will vote liberal because the liberals are middle-road and canucks are rightly afraid of handing control of the country to people that'd make us more like the US. I predict that, if anything, bringing back broadbent will drum up more support for the NDP.

The scandal is little more than muckraking by the crossburners in a pitiful attempt to get support somewhere, ANYWHERE, but the flatlands. Good luck with that, when you have the reform party leaders (or whatever they want to call themselves now) claiming "Atlantic Canada is full of lazy welfare bums." Great way to gain support in new areas, pinny. The merging of the PC (fiscal conservative, social liberal) with the reform party (fiscal conservative, socially theocratic) has moved the entire party to the right, so far right that many people are going to the liberals because they can't tolerate the idea of some bible-thumping reactionaries running the show. Look forward to seeing Liberals taking traditionally PC areas, rather than seeing them slip into reformist hands.

The equation is simple to make... a few hundred million to make sure Canada wins the referendum, vs. god only knows how much pain and heartache dealing with the fallout from a failed vote. IMO, they could have pumped a billion in there and it'd have been a bargain. Ever since the 'separatist problem' has been resolved, Canada has regained its triple-A bond rating and the heart has been cut out of the separatist movement aside from the most militant and fringe areas of quebec. Separatist support is at its lowest levels it has been in my lifetime. That, to me, is a succesful campaign.

If Martin was smart, he'd just fess up to it: "Yes, we poured a bunch of money into an ad campaign and services that helped keep our country together." His eye to political fallout in the next election is blinding him in this issue, IMO.

(Edited to fix an obvious typo)

[rickholio]

Originally posted by daveylapoo
Rickholio, your advice is golden.

After dodging taxes for 5 years as a musician, they got me. they got me good.

Ouch... how bad did they get you? Were you able to take advantage of the voluntary disclosure rules or did they rake you over with an asstonne of fees just to add insult to injury?

If you're in the business for the long haul, it's best do keep it on the level. Spend the money, and get a good accountant who knows where you can push it, and where you can't. You'd be surprised what sends up flags, and what they'll let you get away with.

I've spent some hefty dollars on a great accounting firm the last couple of years, but they've got me paying next to nil (now that I'm caught up), and I have the piece of mind knowing nothings going to 'bite me in the ass' down the line.

Hell yeah... shame we had to learn it the hard way, but it's a lesson well learned.

[daveylapoo]

Actually, it wasn't too bad.

I'm not real big on all the technical side of it, but the AFM hooked me up with a Canadian firm that specializes in stupid band guys.

I did get hit with penalties, interest, etc, but the magic happened in the ways they managed to whittle my taxable income down. There's areas that Revenue Canada look the other way on, and things that you hit a brick wall with.

These chaps know the loops (for musicians, anyways)

I'm presently chatting them up about the webmaster thing as, miraculously, it's actually starting to make me a bit of bread....go figure.

Not going to make the same mistake twice.

[FlyingIguana]

Originally posted by Cyborg 2.0
but what about checks coming from us if the company doesn't have ur sin u dont need to declare it

any money you get is taxable. you get audited, you'll get nailed with interest.

[hershie]

Nobody likes how much we pay and surely take advantage of every loophole and deduction possible, but there is a price to pay for enjoying the priviledges of citizenship. Don't cheat !!!

[Cyborg 2.0]

Thanks everybody for great input