Taxes

 phew 😓

Taxes complete. Another day another dollar.

Taxes can be straightforward when you have one T4 income or a couple but when you start adding investments, self-employed income, or any other complexity it adds to the burden of reporting.

This past year my husband started delivering bundles one day per week to earn some extra cash, but the income was considered self-employed, with no T4 to be issued. So, to make this work logically I started putting some cash in his RRSPs to offset this earning. 

On another note, I started running courses for BC Soccer and they issued me a T4. But during input into the tax program, it advised that wages reported on a T4A in Box 38 need to be reported as self-employed income as well.

Here I was, left to declare that both my husband and I were now sole proprietor business owners!

What comes with this task?

Receipts, Receipts, Receipts!

What did I not have?

Receipts, Receipts, Receipts....

Ok, so we faked the receipts. Logically I might add. We tracked kilometers that his route took and logically calculated how much gas that would be, along with insurance pro-rated to usage.

As for me, I gathered a few minutes of travel and a couple of meals and that was the end to that.

Now, what is the probability that we are getting audited? Cross my fingers and pray to the audit man upstairs that we are in the green.

Needless to say, taxes can be stressful. The thought of owing money to the government to earn money makes me sick to my stomach. I would rather put the money in RRSPs, go to school (pay tuition), make a bad investment, or find another way to save my way out of owing.

Hopefully, you have all filed your taxes for 2023 and you can now get on with a prosperous 2024!