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16 Year Old Canadian Tax !!!

Discussion in 'Business & Tax Advice' started by goldencrownz786, Jan 7, 2012.

  1. goldencrownz786

    goldencrownz786 Regular Member

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    im 16 in canada and was wondering whats all this tax hype about ? Like if im doing internet marketing as a part time or full time job from what do i need for it... a license ? ....... tax id ? or what?

    i have a verified pp account under my parents name and eveything. Im jus having fun doing my lil IM projects, but the money i earn do i have to pay tax on it? how does all this work? Is there a limit to how much i can earn before i pay taxes? And how DO i pay taxes?/

    Please help me out and clarify the matter for me.

    It will not only help me but others aswell.
     
  2. Kickflip

    Kickflip BANNED BANNED

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    You can make around $10,500 before you need to worry about taxes anyways. The only thing you need to be concerned with, is if your parents claim any deduction for you. But if your parents are together (not divorced), you shouldn't need to worry about that. The only other thing it affects is claiming medical expenses (if you got braces or something like that, it can be a big deal).

    You don't need to legally file a tax return unless you owe the government money, so right now you don't need to worry about it if you are under $10,000 in a year. It won't affect you, and shouldn't affect your parents.

    Also, the government is very unlikely to find out if you made under $10,000 in a year anyways. So bottom line, don't worry until you start making over $10,000 in a year.
     
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  3. Tosty

    Tosty Registered Member

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    Unless u are earning over 20k a year I wouldn't be too worried about anything
     
  4. Kickflip

    Kickflip BANNED BANNED

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    Horrible advice. What, so that one day he gets audited and can say "Well Tosty told me not to worry about taxes until I make $20k a year, why do I owe $3,000 in back taxes?"
     
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