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10-09-2010, 05:29 PM
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#1 | | Ready to be Man handled by RS!
Join Date: Dec 2002 Location: Vancity
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| How much tip money to claim on income tax
Hey everyone,
Anyone that works as a server, waiter or really anything that makes significant tip money, how much do you guys claim on your income tax every year? Whats a "safe" amount? Yearly, I would say I make close to $2000 in tips, how much do you think I should claim?
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10-11-2010, 03:12 AM
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#2 | | Oh goodie, 5 posts already!
Join Date: Jul 2010 Location: Vancouver
Posts: 5
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$2000 in tip money over the course of one year is different if it's made in 150 hours' work or if it's 1500 hours' work. Some people I work with will typically go home with $80-100 a night, but that's besides the point...
A "safe" amount would be 100%, no question about it. Majority of the kitchen staff I work with claim none of their tip money, while some of the floor staff I talk to about this type of thing claim 15-20%.
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10-11-2010, 07:17 AM
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#3 | | ninja edits your posts without your knowledge
Join Date: Jan 2004 Location: Vancouver
Posts: 14,957
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Claim 100% of it. You have no idea how many people get randomly audited and get screwed because of this.
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10-11-2010, 09:24 AM
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#4 | | resident Oil Guru
Join Date: Mar 2005 Location: Vancouver
Posts: 7,716
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| Quote:
Originally Posted by krispy_kinetic  Hey everyone,
Anyone that works as a server, waiter or really anything that makes significant tip money, how much do you guys claim on your income tax every year? Whats a "safe" amount? Yearly, I would say I make close to $2000 in tips, how much do you think I should claim? | Big Brother is watching. So you better claim $2000. Lmao.
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10-11-2010, 03:18 PM
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#5 | | Ready to be Man handled by RS!
Join Date: Dec 2002 Location: Vancity
Posts: 86
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Since its purely cash transactions, how can they get proof that it really is the amount that you really got? Having said that though, I think I will be claiming everything. Its not like I'm going into another tax bracket if I do. Thanks for the advice everyone.
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10-11-2010, 06:04 PM
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#6 | | I subscribe to the Fight Club ONLY
Join Date: Apr 2004 Location: BC, HK, USA
Posts: 7,343
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to be totally honest, it's when people who are getting 10000 or even 20000 that will cause a huge issue.
back many years ago, we have people earning a lot of cash thru bonuses, we are talking about thousands a week or even every few days. Long story short, when you start buying nice cars, houses and you income was only 35k, they start checking.
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10-11-2010, 10:28 PM
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#7 | | RS has made me the bitter person i am today!
Join Date: Dec 2008 Location: Richmond
Posts: 4,780
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^ thats why you gotta keep it on the down-low
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10-25-2010, 02:17 PM
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#8 | | Unauthorized Spammer
Join Date: Oct 2010 Location: maple ridge
Posts: 22
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how about NONE
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10-25-2010, 02:23 PM
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#9 | | Unauthorized Spammer
Join Date: Oct 2010 Location: maple ridge
Posts: 22
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LOL
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10-25-2010, 02:29 PM
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#10 | | Unauthorized Spammer
Join Date: Oct 2010 Location: maple ridge
Posts: 22
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10-26-2010, 02:47 AM
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#11 | | Banned (ABWS)
Join Date: Nov 2003 Location: The Wack
Posts: 889
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I wouldn't claim any of it.
You won't get audited if you don't put it in your bank account. Learn to income split with your spouse, and pay for some things in cash.
You only get audited if you have like $5000 more show up in your accounts then what you claimed. I came close the one year. There is certain red flags that Revenue Canada looks for.
...another one is changing your address often.
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10-26-2010, 02:50 AM
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#12 | | Banned (ABWS)
Join Date: Nov 2003 Location: The Wack
Posts: 889
Thanked 60 Times in 33 Posts
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What you should do is start up a non-profit organization to filter money into.
The rich use so many tricks to stay wealthy. Its all about keeping money in your hands/corporation/organization
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