Tax Time

[bs205]

As a pilot I write off, medicals, books , ECGs, training, eyeglasses, I heard even if you only get $40 per diem, you can write off up to $80, I am full time at a company, but have been contract and have written off a portion of the truck, insurance , gas, office. What else can we write off that you know of??

[WTF_was_that]

You must be in the land of the free. None of those things would apply to a full time employee at a canadian company.

[SuddenStop]

I don't know where you're from either as cross borders everything is different.

Some of the things you claim, I applaud you if you're getting them. Don't forget the tax man is sometimes slow grabbing back into your pocket, so don't get too cosy if you claimed any of those things the last few years, they may eventually realise it.

 

Basically if you're reimbursed for anything, you won't be able to make a claim. I'm thinking benefits plans here including all your medical items.

If you're paying out of pocket, I feel you have a right to claim back those items.

 

Here's a general list procured from a tax site:

 

 

Other Employment Expenses

The Canadian income tax act allows a number of other expenses to be deducted from employment income:

 

Professional membership dues such as law society, doctors associations, engineers, or accounting associations.

Office rent or the salary (including EI and CPP premiums) of a substitute if you were required to pay these costs yourself by your employer.

Supplies used directly in your employment but excluding uniforms and books.

Union or association dues.

Legal expenses paid to collect salary or wages. The fees may be paid to establish a right to salary and wages in addition to collecting the amounts owed.

Clergy residence may deduct a portion of their residence (rent and utilities).

Contributions to registered pension plans and teachers pension plans.

Salary or disability reimbursements.

Amounts forfeited under a salary deferral arrangement.

Musical instruments and artists supplies are deductible if you are employed as either a musician or artist respectively and required to supply your own instruments and materials.

For musicians, maintenance may be claimed as well as capital cost allowance on the instruments themselves.

For artists, the amount of the deduction is limited to the lower of $1,000 20% of employment from being an artist.

Apprentice mechanics may claim a deduction for eligible tools and is limited to the greater of $1,000 or 5% of employment income from being an apprentice.

Goods and Serves Tax (GST). GST and provincial sales tax (PST) can be included in the expenses deducted from employment income. In addition, you may claim a rebate of the GST paid as a rebate unless you were employed by a financial institution.

[pilot5]

As a pilot I write off, medicals, books , ECGs, training, eyeglasses, I heard even if you only get $40 per diem, you can write off up to $80, I am full time at a company, but have been contract and have written off a portion of the truck, insurance , gas, office. What else can we write off that you know of??

 

 

Bs 205

 

What a great thread! Unfortunately apart from eye glasses, and a few minor items that requires a good accountant to find and get the better answer is ZERO!! In fact the whole premis of being a "Full time" employee is a joke at best. Those companies that actually offer a benefits package like Canadian pay the crappiest wages in the industry and sell you on "stability that is non existant with a really good retirement package". So by far its better just to go contract witha real "corporation" and bill GST na dthen you can write stuff off. The big issue however is that according to most companies "contract" means seasonal with deductions at source. It's all bunch of crap!! As a regular employee you are not protected by the Canadian labour code...well "true" you are but the cost to enforce it is far more expensive than its worth with litigation not to mention being put on the the "non existant" black list if you have a justifiable gripe and actually take them to task.. .combined with "good luck" actually finding a company with a benefits plan that you can "actually" retire on indexed to the cost of living and 3 kidos to put through college!

 

Better to form a corporation and go 'real' contract. There are few companies that will do this but few. As an employer who would want to give up the opportunity to screw a guy 'at will'with the law on the employers side...

 

Only the facts!

 

P5

[WTF_was_that]

Just remember capatial gains tax on your company when you go to cash out. The goverment always gets your money.

[raptor413]

I have been wondering about this for some time, great topic. Could somebody in the know please clarify: if you are an employee in Canada and you are getting a food per diem you can or cannot claim the receipts for your meals?

[John Deer]

As a transportation employee (pilot), I have been able to claim some expenses. The tax man has audited me and been ok with my claims!

- aviation medicals

- transport process fees

- meal expense, but only what is not paid by the employer.

If I am flying off base for more than eight hours that day, I do claim a meal. The tax man has been ok with this.

[Col. Kilgore]

- meal expense, but only what is not paid by the employer.

 

Yup, claim those meals.

 

 

CRA Form TL2

 

A great deduction for those of us who work away from home and have a small meal allowance. The CRA allows 50% of three meals a day at $17 per meal.

 

The TL2 form is a bizarre calculation, but it gives you FREE money, so why not?

 

Remember:

 

- you may require an employer's signature, but only if requested.

 

- you must have a record of your day's away. (Pilot Log Book? Weekly/Monthly Timesheet?)

[Helilog56]

Also remember to be a legitimate contractor, you must work (bill out) for more than 1 company a year !!

After 2 audits in my contract life.....I learned a few things the hard way (doh) !!

[R22Captain]

Yup, claim those meals.

 

 

CRA Form TL2

 

A great deduction for those of us who work away from home and have a small meal allowance. The CRA allows 50% of three meals a day at $17 per meal.

 

The TL2 form is a bizarre calculation, but it gives you FREE money, so why not?

 

Remember:

 

- you may require an employer's signature, but only if requested.

 

- you must have a record of your day's away. (Pilot Log Book? Weekly/Monthly Timesheet?)

:up:

that is awesome! too bad I already did my taxes........

meh....next year.