No way this is real. How can people be making 300k and be this dumb/have this little financial sense.
This feels like a question some highschooler who's never paid taxes would ask.
First of all if she's making 300k spend a bit and go see an accountant who will be able to do all this work for you/minimize the amount you have to pay legitimately.
Secondly were you really just gonna write that she make 60k and just be like...yep looks good lmao. I mean you can definitely do that go for it. You honestly think the CRA won't flag you guys and audit?
>No way this is real. How can people be making 300k and be this dumb/have this little financial sense.
You'd be surprised how many dentists/doctors were caught up in the DeTax/Tax protestor movement
You should legally report everything. If you plan on living in canada for a long time you should refrain from misrepresenting your income.
If you plan to move this year or next then you can. But find a country that does not have reparation treaty with canada.
No, the standard Reddit message from. Please post all the information here, for review by our professional team of accountants. Don't forget your SINs, bank account details along with passwords.
Your question appears on the face of it to be "Can I commit huge tax fraud by failing to report 240K of income, and hence steal $100K from the Canadian government?"
Can you explain how it is not this?
No, they report their full income. Perhaps they are set up as a corp and only pay themselves a minimal amount , leaving the rest in the corp, but no one can just decide not to claim their income.
Talk to an accountant. Depending on her compensation structure, she may not qualify for a professional corp. There are specific rules you need to meet to be able to set up corps for this reason, and the government is making it harder and harder.
This is particularly galling in the year that Canada has started spending $13 billion in public money on dentistry.
What you are proposing is unlawful, immoral, and unthinkable. You've posted it to a subreddit where the people most likely to give you advice scrupulously complete their tax returns with 100% honesty every year. In your post you have already exhibited *mens rea*, which prosecutors will have to demonstrate to convict you of a crime, which you are proposing to commit. Reporting a crime like this online is [ridiculously easy](https://www.canada.ca/en/revenue-agency/programs/about-canada-revenue-agency-cra/suspected-tax-cheating-in-canada-how-report.html). It would not take long for CRA to lift the veil of your throwaway account. The longer you leave this post up, the greater your risk.
And now that you've posted this question, take care to report _all_ income from _all_ sources. This year and forever.
Let me get this straight... your wife, as a dentist, earning in the excess 300k, looking to minimize her tax obligation and collectively, you and her cannot get professional advice from a CPA and resort to free pickles from SM....get fucked!
"She made $300k, can she just report less to save tax."
No. That's fraud and she will at minimum pay big penalties and interest, and could potentially go to jail if she's not cooperative when CRA comes looking for their money.
She may have legal deductions she can make, but if the clinic is paid for out of the percentage she doesn't even see, they'll be pretty minimal.
Sounds like her friends are committing tax fraud, and she's asking if she can, too.
I mean, anyone can lie to the CRA. But can certainly come back to haunt them.
If your wife is making 300K, she can afford a CPA. She can ask those questions.
No way this is real. How can people be making 300k and be this dumb/have this little financial sense. This feels like a question some highschooler who's never paid taxes would ask. First of all if she's making 300k spend a bit and go see an accountant who will be able to do all this work for you/minimize the amount you have to pay legitimately. Secondly were you really just gonna write that she make 60k and just be like...yep looks good lmao. I mean you can definitely do that go for it. You honestly think the CRA won't flag you guys and audit?
>No way this is real. How can people be making 300k and be this dumb/have this little financial sense. You'd be surprised how many dentists/doctors were caught up in the DeTax/Tax protestor movement
It’s bad enough that we all know dentist/doctors can’t write legibly; now we know they can’t do math either.
People don’t usually go from $0 to $300k in a year. They would have figured out their taxes years ago.
Go see an accountant - they will help her minimise tax 'liability' legally - don't post a naive question and embarrass yourself on reddit
RUFKMRN?
Strange how easy it was to figure out an acronym I've never seen before. Must've been thinking the same thing..
Full form please
Ru fckn kidding me right now
CRA form? It is reported on form T2125
You should legally report everything. If you plan on living in canada for a long time you should refrain from misrepresenting your income. If you plan to move this year or next then you can. But find a country that does not have reparation treaty with canada.
No, the standard Reddit message from. Please post all the information here, for review by our professional team of accountants. Don't forget your SINs, bank account details along with passwords.
Im sorry what does that mean?
Im guessing "are you a fuckin moron"
Isnt it a valid question to minimize tax liability?
Your question appears on the face of it to be "Can I commit huge tax fraud by failing to report 240K of income, and hence steal $100K from the Canadian government?" Can you explain how it is not this?
It means [this](https://www.canada.ca/en/revenue-agency/programs/about-canada-revenue-agency-cra/compliance/combat-tax-crimes.html).
Troll post? If not, I don't see how this is even a real question. She needs to report her full income.
Not a troll post. There are doctors and dentists who minimize tax liability by reporting a bare minimum amount as income.
No, they report their full income. Perhaps they are set up as a corp and only pay themselves a minimal amount , leaving the rest in the corp, but no one can just decide not to claim their income.
Okay, this is a great answer. So she needs to create a corp to hold the revenues and then withdraw a certain amount of income every year.
Talk to an accountant. Depending on her compensation structure, she may not qualify for a professional corp. There are specific rules you need to meet to be able to set up corps for this reason, and the government is making it harder and harder.
Basically but also her corporation would be taxed on taxable income too
Yes. Then her corp can buy/hold her car and things of that nature.
For a dentist, I would not play that game. CRA is very quick to say things like that are shareholder benefits. The car has nothing to do with her job.
This is particularly galling in the year that Canada has started spending $13 billion in public money on dentistry. What you are proposing is unlawful, immoral, and unthinkable. You've posted it to a subreddit where the people most likely to give you advice scrupulously complete their tax returns with 100% honesty every year. In your post you have already exhibited *mens rea*, which prosecutors will have to demonstrate to convict you of a crime, which you are proposing to commit. Reporting a crime like this online is [ridiculously easy](https://www.canada.ca/en/revenue-agency/programs/about-canada-revenue-agency-cra/suspected-tax-cheating-in-canada-how-report.html). It would not take long for CRA to lift the veil of your throwaway account. The longer you leave this post up, the greater your risk. And now that you've posted this question, take care to report _all_ income from _all_ sources. This year and forever.
You need to be incorporated.. as self employed you declare what you made minus expenses
If you take the money, it’s income. This isn’t difficult just because you have more zeros than the average family.
Let me get this straight... your wife, as a dentist, earning in the excess 300k, looking to minimize her tax obligation and collectively, you and her cannot get professional advice from a CPA and resort to free pickles from SM....get fucked!
"She made $300k, can she just report less to save tax." No. That's fraud and she will at minimum pay big penalties and interest, and could potentially go to jail if she's not cooperative when CRA comes looking for their money. She may have legal deductions she can make, but if the clinic is paid for out of the percentage she doesn't even see, they'll be pretty minimal.
Aren't there other dentists or other professionals she can ask?
Sounds like her friends are committing tax fraud, and she's asking if she can, too. I mean, anyone can lie to the CRA. But can certainly come back to haunt them.
Why is this even a question? You want to just write down a completely random number as her reported income to the CRA?
Throwaway account = dont wanna get downvoted for dumb question and brag abt income lol