Taxes
Moderators: sky's the limit, sepia, Sulako, lilfssister, North Shore, I WAS Birddog
Re: Taxes
The answer depends on some information you have not provided, like if you are working for a company as an employee, or a contractor, or just a PPL flying for fun.
I will assume you are working as a contractor since that makes the most sense for this situation.
You should have an HST number as well. But that isn't necessary depending on the amount of revenue.
When I was instructing I always claimed these as business expenses which would go against my total revenue. I had an accountant do the work for me but essentially all of my business expenses reduced my overall gross income so that my tax burden was less.
If you work for a company as an employee and they don't cover these expenses then you should be able to claim some of these as employment expenses but an accountant would be able to give you more detail. I know that my guy told me that if I was employed, medical expenses not covered (dental, medication, etc) is generally not claimable unless it exceeds a certain amount, or unless your net income falls below a certain amount. Best get some professional advice on that.
If you are PPL, you may be able to claim certain things as training/education if you plan to pursue a CPL, but generally not unless enrolled in a recognized program. Again, seek professional advice.
If you are just a PPL flying for fun, I don't think you will have any luck claiming anything unless you get REALLY creative and create some sort of business that can generate revenue and justify the expenses for that.
Good luck.
I will assume you are working as a contractor since that makes the most sense for this situation.
You should have an HST number as well. But that isn't necessary depending on the amount of revenue.
When I was instructing I always claimed these as business expenses which would go against my total revenue. I had an accountant do the work for me but essentially all of my business expenses reduced my overall gross income so that my tax burden was less.
If you work for a company as an employee and they don't cover these expenses then you should be able to claim some of these as employment expenses but an accountant would be able to give you more detail. I know that my guy told me that if I was employed, medical expenses not covered (dental, medication, etc) is generally not claimable unless it exceeds a certain amount, or unless your net income falls below a certain amount. Best get some professional advice on that.
If you are PPL, you may be able to claim certain things as training/education if you plan to pursue a CPL, but generally not unless enrolled in a recognized program. Again, seek professional advice.
If you are just a PPL flying for fun, I don't think you will have any luck claiming anything unless you get REALLY creative and create some sort of business that can generate revenue and justify the expenses for that.
Good luck.
