Reddog2402 2221 Report post Posted March 21, 2019 Hey everyone. I stumbled across this Sex Worker's Tax Toolkit online. Link here: Tax Toolkit Figured it's an appropriate time of year to share the information. It was developed by PACE, an organization out of Vancouver. I only gave it a quick read through, but it seems pretty comprehensive. So I thought some people here might find it useful. 2 Quote Share this post Link to post Share on other sites
Nicolette Vaughn 294340 Report post Posted March 28, 2019 (edited) Thanks for this! I’ve helped a few SPs file in the past. Many years ago I had some help from a former tax auditor who gave me the ins and the outs and I’ve been very grateful. I also wanted to mention if anyone needs SP friendly accountants in Toronto Ottawa as well as financial advisors in Ottawa to set up an RRSP, I have contacts for that as well. There are many good ways to invest your money. Tax free savings accounts are great to save money for big ticket items ( i.e. house, car) or if you want your money to grow by investing which the government cannot tax you for it. If you have gains or losses, you don’t have to declare those either. You can also withdraw the money anytime without any penalities. However there are limits to this as a TFSA account should not be used as a day trading account as that will raise a red flag with CRA. The contribution limit is $6000 this year and you can also use any unused contribution room from prior years. Investing in stocks in with a TFSA with a robo advisor is a nice hands off approach for new investors with lower fees than the major banks. If your stocks don’t do well, your portfolio will automatically be rebalanced so you don’t take a further loss. Betterment and Wealthsimple are just a few names and only take a few minutes to set up. This is great if you don’t wish to speak to a financial advisor especially if you don’t wish to disclose what type of work you do. I know with Wealthsimple, you can also set up an RRSP. All funds to contribute can be set up to be withdrawn from your bank account when it is convenient for you. This is also done within the site so you don’t have to go scrambling for bank account info. This company is legitimate and is primarily owned by Power Corporation with assets in excess of $1 billion. They will ask for your social insurance number because this information will be reported to CRA. This approach may not be for everyone but in my situation, it allows me to be in control to see how my investments are doing. I don’t claim to know everything about investing but have researched a lot on my own without anyone’s help. Financial advisors never did much for me. I don’t speak much about this as I consider finances as something personal but I know it can help other people. If you are younger and in the business, now is the time to start investing although it’s never too late either even at a later stage in life. It is not as hard as some would believe it to be. You can use up to 18% of your income for RRSP contributions that you won’t pay tax in until you decide to retire later on in life. I hope this helps for anyone who wants to create their own future. Pay yourself first! https://www.betterment.com/ http://wealthsimple.com https://en.m.wikipedia.org/wiki/Wealthsimple https://www.google.ca/amp/s/www.theglobeandmail.com/amp/globe-investor/personal-finance/household-finances/10-things-you-may-not-know-about-tfsas/article17366265/ https://www.halfbanked.com/ https://www.halfbanked.com/choose-right-robo-advisor/ https://www.halfbanked.com/a-millennials-guide-to-the-tfsa/ https://www.sunlife.ca/ca/Learn+and+Plan/Tools+and+Calculators/Retirement+savings+calculator?vgnLocale=en_CA Edited March 28, 2019 by Nicolette Vaughn Typos 1 1 Quote Share this post Link to post Share on other sites
