Understanding Canadian Income Tax: Pre-Claim Amount Limit

[stefani2]

Does anyone know if we are allowed to make a certain amount per year BEFORE needing to claim Income Tax?

 

[Veevahchef]

For your Alberta taxes it is $16,161
For federal it is $9600

These are for 2008

 

[rennea]

For your Alberta taxes it is $16,161
For federal it is $9600

These are for 2008

What???

Here in BC anything over $500.00 is to be reported!

 

[Jewel]

Anything over $600 must be reported on a 1099. Which means PC will report it so you should too.

 

[stefani2]

For your Alberta taxes it is $16,161
For federal it is $9600

These are for 2008

so why are they different? What does that mean to me/us?

 

[stefani2]

Anything over $600 must be reported on a 1099. Which means PC will report it so you should too.

PC doesn't send us anything in Canada - do they?

 

[ChefEsther]

No they don't send us anything in Canada - although maybe directors do get something... We need to keep track of everything. I've claimed it the past 5 years, by writing off my Staples, some groceries, gas/mileage (specifically for shows, trips to post office, training), conference/training fees, phone (our second is a dedicated line), samples, products for giveaway (I print off my PP receipt) I come our ahead, not much, but ahead... 2009 will be a much more interesting tax year for me, I hope to be bringing home alot more - we'll see what CRA has to say.
Print off your commission statements, and collect everything you have. If you do them at home, there is spacwe to enter your PC business in any software - Quicktax or UFile... Just enter all the info you have & they'll include it all for you. I just bring my stuff to our accountant now, as there are other financial issues that we have to take into consideration, but if you have a pretty straightforward return, you can do it yourself.I never noticed any minimum, I just always claimed my PC stuff.Esther

 

[rennea]

PC doesn't send us anything in Canada - do they?

They don't but by law you are to "claim" your income.

 

[Mr. Pampered Chef]

I cam out with an $800.00 dollar loss, this is with writing off stuff. I wish things would pick up...