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@shannonfassbender9997 Күн бұрын
I sell most of my products at local markets, most people pay cash, can I report cash? If so how? Also if I am a vendor at a market before I register my sole prop, am I able to report that income that I earned prior to registering my business? I know this video is from three years ago but your videos are very helpful! Thank you!
@commandarkify Күн бұрын
This is great! I’ve watched a few videos about this but didn’t fully understand it. Yours just connected all the dots. Questions, isn’t it also possible to open a usd bank account with a bank that doesn’t charge fee and fund usd to Questrade directly? I’ve been looking for an answer but don’t see anyone talk about this option. I’m starting to think thar there might be a hidden fee or something.
@jessicamoorhouse 20 сағат бұрын
Correct, if you have U.S. dollars, you can open up a USD bank account with a Canadian bank, fund that account with your U.S. dollars, then transfer those U.S. dollars directly into your USD Questrade account.
@VIp-yv7kq Күн бұрын
From someone who has never done this before, could you provide the exact instructions you gave in the chat for “journaling” into the US stock? Thank you
@jessicamoorhouse 20 сағат бұрын
Sure, just tell them "Hi, I'd like to journal over my shares of DLR.TO to DLR.U.TO in my USD account please." Or if it's a stock, then insert the Canadian stock ticker to journal over to the U.S. stock ticker.
@sheldonpetrie3706 Күн бұрын
I have been with Questrade since 2018, but am seriously considering moving my TFSA and RRSP over to WS Trade for the 1% transfer bonus, which would be over $2000 of value.
@anwaya 2 күн бұрын
I inherited a portfolio of investments in the UK, and some had capital gains and some had capital losses. In particular, there was an investment that was a total loss: it had been held long term, but went bankrupt, and was a total loss. I was not able to bring the total loss into my Canadian taxes: when some of the holdings were liquidated, the loss did not count against any gains. This was a surprise to my UK, US and Canadian tax accountants. The new rules on losses overseas are not fair to inheritors.
@dammar117 3 күн бұрын
Question: Can I round the HST to the nearest dollar on my invoices? I figured out that if I do this, the net annual difference would be just $5. So it's not like CRA would be losing anything. Neither would my clients, since it would be pennies. It would be so helpful. I'm not yet registered and dreading it, but one thing that would be helpful is to keep my invoices in whole numbers, which my clients are used to. Thank you for your videos!
@dammar117 3 күн бұрын
Can I just charge GST to provinces outside of mine? It seems so complicated to have to determine all these different rates. Most of my sales are in my province.
@dammar117 3 күн бұрын
Does this work for the Quick Method?
@stephaniebass8042 4 күн бұрын
This is so helpful! And I remember that business! Rich and fit challenge!
@jessicamoorhouse 20 сағат бұрын
Haha it was a fun idea at the time and great experience all the same, even though it ultimately wasn't profitable. No regrets!
@coolgal937 4 күн бұрын
Jessica I have a month and some days to prep for Volume 2 I am freaking out how should I go about it?
@jessicamoorhouse 4 күн бұрын
That’s tough but it’s possible (I did it!). I’d suggest creating a study plan, study every day so you’re really digesting all the content, go through all the quizzes and practice tests, and make tons of notes to help you remember key things.
@isabellemay4471 5 күн бұрын
Hello Jessica! I am a KZbinr and I only make money from the ads revenue. Should I register for gst-hst even if KZbin already collect the taxes on the ads revenue on the creator behalf? If yes what should I put in my actual domestic gst-hst ?
@mickyashey9818 6 күн бұрын
CREDOVA WAS NOTHING BUT ISSUES!! I had the money but wanted to try I out before I recommended to any friends or family members that could be in need and ended up having the biggest nightmare of my life they said every issue I raised with them. They said it was fixed. Come to find out by the next payments that the issue wasn’t fixed and then they don’t contact you and then in the end they end up charging me when I followed up my end of the agreement perfectly. They didn’t follow up hardly any bid on their end and they still charged me. It’s ridiculous and I was on time for every payment never missed any never was Short and somehow they fucking scam me !!
@gunsalves 6 күн бұрын
When I try to choose quarterly dates it says the dates entered are not valid for my account...I was told I need to pay quarterly in a recent email. Also under expected returns it only shows the full year as a period...
@POLYLIVING 6 күн бұрын
You’re so wonderful✨ I’m so glad I found your channel #gratitude
@disaj7460 6 күн бұрын
Hiya Jessica...cheers for this comparison vid...much appreciated! Quick question: Who is entitled to a copy of, say a parent's last will & testament? Thanks.
@jessicamoorhouse 4 күн бұрын
Only the executor or lawyer who prepares the will is entitled to it unfortunately www.canadianlawyermag.com/practice-areas/trusts-and-estates/wills-and-estate-laws-how-does-one-prepare-for-death/377906#:~:text=Under%20the%20wills%20and%20estate,the%20will%20of%20the%20deceased.
@disaj7460 4 күн бұрын
@@jessicamoorhouse thanks so much for your time & expertise. the executor of my dad's will (my brother) is living with someone who is pathologically interested the finances of my family members & inserting/insinuating herself in all of *our* affairs...unsolicited no less. She's not even in that field of work. at the funeral home a few days ago, she was strangely jumpy & guarding my dad's last will & testament. things definitely seem off with her. there are plenty of add'l examples...smh. anyway, now that you're somewhat caught up, cheers for your answer.
@KaylChips87 6 күн бұрын
Thank you that was helpful
@jessicamoorhouse 4 күн бұрын
Glad you found it helpful!
@mmdls602 6 күн бұрын
Do I need to be sponsored or employed by an investment firm or can I do this on my own?
@jessicamoorhouse 4 күн бұрын
You can take the exam on your own at any time. However the certificate expires after 3 years if you’re not working for/ registered with a CIRO member firm (only important if your intention is to become an investment professional licensed to sell or manage investments).
@mmdls602 4 күн бұрын
@@jessicamoorhousethanks. I’m looking into opening my own firm actually and it’s a bit of run around to figure out requirements.
@tanweerahmed6861 8 күн бұрын
None of them are cheap if one thing is cheap they jack the price on other item to level it
@nikalex2951 9 күн бұрын
Hey does this video tutorial apply for Corporation owners? I own a Canadian llc
@jessicamoorhouse 8 күн бұрын
No, this video is for if you're self-employed, such as being a sole proprietor or partnership. If you're incorporated, you have to file both a corporate tax return then a personal tax return, so I'd suggest working with an accountant for that. Also, we don't have LLCs in Canada. You're either a sole proprietor, partnership, or corporation.
@nikalex2951 8 күн бұрын
@@jessicamoorhouse thank you :)) makes sense
@josanneb5193 10 күн бұрын
it feels so good to see a Canadian voice in the personal finance space. Thank you for your content!
@jessicamoorhouse 8 күн бұрын
Thanks so much!
@frankraso6115 10 күн бұрын
Great video! I am also taking on the CFP but via the Investment Advisor Route. Best of luck with the rest!
@jessicamoorhouse 8 күн бұрын
Amazing, thank you and good luck on your journey to the CFP!
@koolaidpuc 10 күн бұрын
Hey! I have a question. Can you name and register a company with numbers but without the Canada at the end of the name? For example: can you a name company 11111122 INC. instead of 11111122 CANADA INC. ? Would that be possible?
@jessicamoorhouse 8 күн бұрын
No, if you choose to have a numbered name for your business, then it must consist of numbers followed by the word Canada and a legal element (for example, 15273498 Canada Ltd.) www.bdc.ca/en/articles-tools/start-buy-business/start-business/how-to-name-company
@XchoosinX 10 күн бұрын
Since I buy items from a supplier with pst exemption and still have yet to use/sell some of these items, do I still have to pay pst on those items? Or do I just leave those numbers out of it? My apologies if this is a silly question.
@splezzayanowhat6784 11 күн бұрын
i have 95k in a tsfa with investease
@jessicamoorhouse 8 күн бұрын
Awesome!
@zarinaz7554 11 күн бұрын
Hi Jessica, one more question from dummy🙂. I finally started to do it watching your steps again. Could you please advise if I do not see ask price, what does it mean, is that because of weekend? Sorry, first time ever doing that.
@jessicamoorhouse 8 күн бұрын
The markets are closed on weekends and holidays so that's likely why. Market hours are Monday to Friday between 9:30am and 4pm ET.
@Dudek28 12 күн бұрын
How do you determine the percentage of your housing expenses that you can use to be written off?
@petter1396 12 күн бұрын
Love this! Please make videos about entrepreneurship. I am an entrepreneur that has business in onyario but live in Quebec. entrepreneurship is getting quite hard and i am thinking of quitting and going back to a 9-5. However, with chanels like yours give me a light through the tunnel.
@jessicamoorhouse 8 күн бұрын
Thanks, I'll definitely continue to make more video about entrepreneurship!
@DeWalt20V 12 күн бұрын
Write-offs is the wrong term
@jessicamoorhouse 12 күн бұрын
The term “write-off” is interchangeable with the term “tax deduction” which is what this video is about.
@Dudek28 12 күн бұрын
What kind of stuff can you expense at the end of the year under the business as a business expense when you are a sole proprietor? A percentage of the Home Internet bill if its a web based business? a percentage of the mortgage payment for the space I use in my house? A percentage of the electrical and water bill? You know, stuff like that.
@jessicamoorhouse 8 күн бұрын
There are tons of expenses you can write-off for your business as a sole proprietor as long as they are essential to run your business. Here are some resources that go further into it: www.bdc.ca/en/articles-tools/money-finance/manage-finances/tax-deductible-expenses www.ownr.co/blog/tracking-and-claiming-tax-deductible-business-expenses-in-canada/ www.freshbooks.com/en-ca/hub/expenses/tax-deductions-for-small-business-canada
@tiagocosta2689 15 күн бұрын
Great video
@jessicamoorhouse 15 күн бұрын
Thanks!
@ApexGuardian 15 күн бұрын
im not rich. infact im with the majority of canadians. right along the poverty line... everythings fine.. this is fine... 😂😅😢
@jessicamoorhouse 15 күн бұрын
Unless you realize a $250,000 capital gain, this change won't affect you at all :)
@jasonkennedy3517 15 күн бұрын
What happens if you choose to sell a secondary home for $249,000? Does this help you avoid capital gains?
@jessicamoorhouse 15 күн бұрын
If you’re under the threshold then your inclusion rate would remain at 50%. But if you sold for say $250,001, that one dollar over would be taxed at the 66.7% inclusion rate.
@jakemurphy5466 15 күн бұрын
Does that mean Canadians are paying 50% tax
@jessicamoorhouse 15 күн бұрын
@@jakemurphy5466 No, and I explain more in my full video. You only pay tax on 50% of your capital gain (or 66.7% if over the threshold) at your marginal tax rate. kzbin.info/www/bejne/f3W3i4aPab-SodE
@ScottSmith-fi6vc 15 күн бұрын
just watched your video and am interested in the ReInvestWealth program I've been using QB online for years and was thinking of using this for a new direct marketing company I start it be worth it
@stevenoar5162 15 күн бұрын
The money was already taxed and is being double taxed at a higher rate than before .
@jessicamoorhouse 15 күн бұрын
Not sure where you got that math? You're not being double taxed on your capital gains.
@stevenoar5162 15 күн бұрын
@@jessicamoorhouse your already taxed on your income. Then you get taxed again on the gains .
@jessicamoorhouse 15 күн бұрын
@@stevenoar5162 Correct, because a capital gain is its own form of income and thus is subject to tax.
@AbdulKohdamani 15 күн бұрын
Thank you for this thorough and informative video! The explanation of the new capital gains tax changes for 2024 was very clear and helped dispel a lot of the misconceptions I had. I appreciate the detailed examples and practical strategies for minimizing tax impact. This really puts the changes into perspective and shows how they mainly affect a small percentage of high-income earners and corporations. Keep up the great work in breaking down complex financial topics into understandable and actionable insights!
@jessicamoorhouse 15 күн бұрын
Thank you!
@MVaseghi 16 күн бұрын
Great informative video. Down to the point, how all other videos should be
@jessicamoorhouse 16 күн бұрын
I appreciate that!
@jasonkennedy3517 16 күн бұрын
Paid off my students loans as soon as I could. I may have never been great with money but i always felt it important to.pay my debts.
@jessicamoorhouse 8 күн бұрын
That's awesome!
@sthegamer1 18 күн бұрын
so when we pay these installments and then next year when we file out taxes for the whole year how is it gonna work? do they return the extra money they took? also how do they determine the money they ask for in the installment just based on previous year?
@jessicamoorhouse 17 күн бұрын
Correct, just like if you were an employee at a company and you pre-pay your income taxes throughout the year (via the deductions off your pay), if you overpay, you'll get a tax refund. And yes, your current corporate tax instalments are calculated based on what you owed the previous year. So if you have to make quarterly instalments and last year you owed $4,000 in corporate tax, you'd pay $1,000 in quarterly instalments.
@musaidrj 18 күн бұрын
Overall very interesting perspectives shared by the guest. However one of things he said seems very hypocritical - he talked about the importance of being able to align with your values and integrity, and then goes ahead to bash college students for their protests. It's them saying FU to the system and standing up for their values and integrity, and should be appreciated. So at worst it seems hypocritical, at best condescending and prejudiced.
@wildwheelsdarin 19 күн бұрын
You didn't end up showing us how many fractional shares were bought with the $50 recurring purchases of ZEQT. Wasn't that the point of the video? Fractional recurring purchases? I wanted to see the total number of shares that were bought, not their cash value.
@jessicamoorhouse 19 күн бұрын
June 13 - 1.057 shares at $47.29/share, June 14 - 1.062 shares at $47.08/share, June 17 - 1.056 shares at $47.37/share, June 18 (Final Day) - 1.056 shares at $47.35/share = 4.231 shares total
@wildwheelsdarin 18 күн бұрын
@@jessicamoorhouse I got into DRIPs awhile back, and love seeing the dollar cost averaging in action. I was so thrilled when Wealthsimple introduced the fractional recurring option. Thanks so much for sharing!
@jessicamoorhouse 17 күн бұрын
@@wildwheelsdarin You're very welcome! :)
@anavanesaroman 19 күн бұрын
What about if you have a full time job with a good salary? Does it make sense to add more money to your yearly income?
@jessicamoorhouse 19 күн бұрын
Always! First, because if it’s something you’re passionate about it gives you space to explore it (with little risk since you still have a full-time job to fall back on). Second, because if though the extra income may bump you into a higher tax bracket, you’ll still take home more income. I always see people being afraid of earning too much income for fear of taxes, which doesn’t make sense. You’ll still come out ahead even at a higher marginal tax rate. Plus, you could potentially write off some expenses that are both personal and business like your phone, utilities, rent, mortgage, etc.
@anavanesaroman 19 күн бұрын
@@jessicamoorhouse Thank you for all your help!
@tintinlol7881 19 күн бұрын
I think it's better to listen to great channels like this rather than taking advice from the so called financial advisors (garbage) at the banks.
@jessicamoorhouse 19 күн бұрын
I'll take that as a compliment. I'm all for working with an advice-only planner with proper credentials, but often what you get at the bank is just someone trying to sell you mutual funds or a line of credit unfortunately.
@abbygodfrey3282 20 күн бұрын
Is this as having a business registration number?
@andreinalujantoro3360 21 күн бұрын
Thank you so much for your video! So easy to follow, and it's simplicity is only matched by how thorough the information is. Can't thank you enough!!!
@jessicamoorhouse 20 күн бұрын
Thank you!
@ryansgarage214 21 күн бұрын
Hi Jessica, Great video and really appreciate the real-time way of doing the trade. Do you have a video on how to transfer the USD funds into a Canadian USD account? What would you suggest for an amount over say 20 or 30k ?
@jessicamoorhouse 17 күн бұрын
I don't have a specific video on that but it's fairly straight-forward to do. Connect your Canadian USD bank account to your Questrade account, then make a withdrawal request and choose that bank account www.questrade.com/learning/questrade-basics/making-a-withdrawal/how-to-place-a-withdrawal-request
@l.c.9596 22 күн бұрын
Love your video, question for you. I worked for a company full time and my wife is a stay home mom with no income to declare ,but i want to start a side business as and i will like to know what would you recomend should i set up the business under my name or my wife's name so she can declare all expenses and income herself instead of me. Thanks
@jessicamoorhouse 21 күн бұрын
You can't set up a business in your wife's name if she isn't actually involved in the business, as the CRA may consider this a form of tax avoidance and there would likely be penalties. I'd suggest speaking with an account to discuss legal ways of doing income splitting to reduce your overall taxes.
@crystalgiannone2683 23 күн бұрын
Great content, very informative, Thank you for sharing the knowledge ❤
@jessicamoorhouse 23 күн бұрын
Thanks so much, so glad you enjoyed the episode!
@chrissawilliams1703 23 күн бұрын
Do you know if someone as a independant consultant for a company where i sell products for does that include to be able to claim expenses? Now i dont have a set amount i make a month though. I also just started selling clothing too would this be included to do this? Like do you have to also make a certain amount a year to claim anything?
@l.c.9596 23 күн бұрын
Completely outstanding presentation. Thank you so much
@jessicamoorhouse 23 күн бұрын
Thank you!
@pawanghuge 23 күн бұрын
Hey!!! Congratulations! I’m giving my Financial Planning 2 tomorrow! I am also taking the same path! I’m also planning to give QAFP in October 2024 I’m so happy for you! 🎉
@jessicamoorhouse 23 күн бұрын
Best of luck on your exam! Let me know if you pass!
@pawanghuge 22 күн бұрын
Heyy I passed!!
@jessicamoorhouse 21 күн бұрын
@@pawanghugeOmg, congratulations! Make sure to celebrate!
@richviewsproduction7737 4 күн бұрын
same i will be taking it in october we should connect