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xrkyle

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xrkyle last won the day on November 11 2018

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  1. The $51 amount is the upper limit for tax filers using the simplified method which is what your accountant is likely claiming on your behalf. You could use the detailed method and likely claim up to the treasury board limit without much scrutiny but it is probably not cost effective to have your accountant parse through your receipts at their hourly rate to do that for you. It may not even be possible depending on how diligent you are at tracking expenses and retaining receipts and invoices to support them.
  2. How do you plan to deduct a non-business expense like flight training from your income? The Income Tax Act doesn't allow it. Like I said above, I think you're confusing tax credits with tax deductions. Federally, the differences can be huge (like 2x different depending on your marginal tax rate)
  3. Are you operating or planning to operate a business where your flight training would be considered an eligible expense? If not, you're likely confusing tax credits with tax deductions - there is a big difference.
  4. Yes, Bob used to charge skids up to skids down. Who owns it now?
  5. My dog has his SPH5 size medium up for sale.
  6. There has been some discussion on how things are done with BC Hydro today. Here is a good article on changes they implemented shortly after the fatal crash in Cranbrook that took out a kid walking below almost 10 years ago now. http://www.tdworld.com/features/bc-hydro-overhauls-helicopter-operations
  7. Looking at the financials it's clear why they are cutting costs. They just suspended the dividend which is a huge deal for a company like this and judging by insider activity, it's going to get worse before it gets better.
  8. Semantics are very important when it comes accounting and taxes particularly when the confusion leads to drastic differences as it does in this case. At the federal level (I'm ignoring the provinces for the sake of simplicity), the most a non-refundable tax credit will provide is 15% (lowest federal rate) plus the pittance CRA allows for text books and full-time/part time study time which for most flight training programs is insignificant because the timelines are so short. On the other hand, a deduction will provide 29% at the top marginal rate. On a 50,000 expense that's 7,500 for the tax credit and 14,500 for the deduction. Treating the training as a business expense allows a person to incur that expense anywhere (like the US) where as there are no non-canadian FTUs that are accredited educational institutions (from CRA's POV), a prerequisite for claiming the tax credit. Like I said earlier there is a big difference.
  9. You're not understanding that there is a difference between a tax deduction and a tax credit. Unless you went through a business entity of some sort, such as a sole proprietorship or corporation, you didn't deduct your training costs from your income to reduce your taxable income for three years (which is what a tax deduction does, it reduces your taxable income). Instead you used non-refundable tax credits to reduce your taxes owed to 0 for the first two years and used up the remainder of the credits for the third year. There is a big difference. Also, CRA asking for proof of your T11B or T2202A is not an an audit but simply a request for more information. Anyone who has claimed tuition and education amounts often gets asked for proof to support their claim. They mail in their copy of the T11B or T2202A and life goes on. Moving expenses and the newish transit tax credit are also popular items that CRA likes to follow up on. The next two levels of auditing which are at the desk and field level are a lot more intrusive and anyone going through either of those will most likely be working with an accountant.
  10. Commercial helicopter training provided by an accredited Canadian FTU is eligible for a non-refundable tax credit for most students, not a tax deduction. There are ways to make it a tax deduction but for the most part, it's only practical for wealthy individuals.
  11. A Hanger Example: Here Joe, pass me your jacket and I will put it on the hanger. A Hangar Example: Joe, if you spell "hangar" as "hanger", one more god#$%^ time, I'm going to take you out back behind the hangar and beat you with a bunch of old rusty hangers. It can be very confusing so here is a handy pocket reference guide
  12. You know you're in a great industry when consistency of wage/salary disbursement is a factor when evaluating different employers
  13. Civil aviation is federally regulated so the Canadian Human Rights Act applies. When you consider how they are likely to be swamped with applications from every low-timer in the country and the number of rejected applications that will ensue, they are opening themselves up to a long list of human rights complaints, especially if those unsuccessful folks took a screenshot of the post before they are able to edit it.
  14. People are confusing non-competition covenants with restrictive and non-solicitation covenants. The case law for non-competition in Canadian employment contracts tend to be judged as restraint on trade which makes them unenforceable. Restrictive and non solicitation covenants need to be reasonable. Restricting a fiduciary employee such that they can't join another competing organization in an industry as small and as far reaching (geographically) as the civil helicopter industry in Canada would most definitely be seen by the courts as restraint on trade. The need for restrictive covenants is mostly applicable and used in industries where proprietary information and intellectual property needs to be protected. You know, innovative industries which most certainly the Canadian civil aviation industry is not
  15. Physicians, lawyers, accountants, engineers, pharmacists, physiotherapists, message therapists, financial advisers, real estate agents and so on. They all work in self governing and self regulating professions although I think calling real estate a true profession is a stretch. Seeing as how most of the people here consider union to be a dirty word and masturbate to pictures of Milton Friedman, I'm surprised you're not all jumping on this paradigm. A lifetime of being told what to do and how to do it by the government has taken it's toll I suppose. That and people are skeptical of change.
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