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Old 03-07-2010, 07:14 PM   #1
YOU CANT CUT BACK ON FUNDING! YOU WILL REGRET THIS
 
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Hey RS, I am looking into tutoring elementary school math. Although I have plenty of experience in tutoring kids on a voluntary/casual basis, I have never charged money, so here is a problem I have never ran into...

I know that parents can get a tax rebate on money spent on tutoring... does it mean that I have to be registered with the government as a business in order for them to get that rebate?
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Old 03-07-2010, 07:49 PM   #2
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you have to declare that as business (professional) income. you wont have to remit anything unless u make >30k.


more info about professional income - form T2125 =)
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Old 03-07-2010, 08:38 PM   #3
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Originally Posted by tiger_handheld View Post
you have to declare that as business (professional) income. you wont have to remit anything unless u make >30k.


more info about professional income - form T2125 =)
Thanks man!

So the only action I need to take is during tax season correct? Other than that would there be anything I need to file for before I take my first "official" student?
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Old 03-07-2010, 09:19 PM   #4
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i missed a key part- you need a business # !!

you can call it Captain Pickard. i think its like few bucks to register a biz. and your invoices to the parents have to be under the biz name - incase CRA audits them.

and during tax season u fill out T2125 and u are set. make sure u keep good records of income and expenses.

that is all.
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Sometimes we tend to be in despair when the person we love leaves us, but the truth is, it's not our loss, but theirs, for they left the only person who couldn't give up on them.

Make the effort and take the risk..

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Old 03-07-2010, 10:01 PM   #5
YOU CANT CUT BACK ON FUNDING! YOU WILL REGRET THIS
 
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Quote:
Originally Posted by tiger_handheld View Post
i missed a key part- you need a business # !!

you can call it Captain Pickard. i think its like few bucks to register a biz. and your invoices to the parents have to be under the biz name - incase CRA audits them.

and during tax season u fill out T2125 and u are set. make sure u keep good records of income and expenses.

that is all.
haha Captain Pickard's tutoring service

anyways thanks for your help, I'll try to get something set up once I get the time.
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