I am the kind of person, who usually relies on myself. I even did the taxes out myself, and got all the forms ready. I needed a form T 2125. From there, I subtracted my sales vs. my losses. Last year, I had more losses than profit. A print on demand book, is not easy to sell.
And, I will get back 1/3 rd approximately, the cost of producing the book. I did not truly know this, until I formulated it all out by myself. Between myself and the professional, I was off a 150 dollars. That should have been owed to me. Enough to pay the bill, for the professional tax write up.
Taxes should be simpler. Taxes, should not be so hard to do. The only thing I can think of, is that the lady who was preparing my taxes, took into consideration that everything was done in U.S. dollars. The cost, and the book sales in the United States paid to me in U.S. Dollars. The rate back then was approx. 98 cents and a little more, compared to the U.S. Dollar. This may accrue to my actual errors in calculations.
But, once again, everyone should be able to do their taxes. I should be, a constitutional right, to have everything explained in very simple terms. Hire a simple professional, to simplify things for everyone. Net losses from a business deduct right off of the top of your income. Same as RRSP. Your Non Refundable tax credits (Base amount, EI, Canada Pension) give you a percentage, of a total to subtract off of your federal taxes you owe. The Provincial is set up, much in the same way.
There are many deductions. There are even some receipts, I should have kept. Geesh! Next year, I will watch more clearly. You can deduct internet, and other costs, if.. if... you post a profit. Interesting.
That is the one thing, people should be fighting for. A more simpler, tax system. Everyone should be able to do their taxes, no matter how in depth you go with your business or farm. It should be, a fundamental right. And, if you make a mistake, it should be the governments fault in not providing a simple enough way of doing your taxes. But, I believe an honest mistake is, an honest mistake. I am glad this time, I did go to the professional. The only difference in doing so, is that I got more money back.
Till next time...