Cheating on my taxes

[inuk_the_polar_bear]

Not what you think. Being retired, on a pension, and self employed, is the kiss of death in the financial world. Credit cards and the ability to borrow money is a dream.

Caught between a rock and a hard place, it is better for me to OVER state my self employed net income. Yeah, I'm gonna cheat on my taxes and report a higher net than I really have.

I actually sat in front of my numbers and said out loud "My net is not high enough".

I am just flabbergasted. I live better than most people, yet on paper, I am poor.

[pierrelebel]

🙂

I have the same feeling when the kids ask for money! 🙂

[bb_cool_stuff]

Ditto  😄

[inuk_the_polar_bear]

You are not helping. So, you lie and report more?

I figure I will have to, to get what I want, then file an amended return after I get what I want.

This is ridiculous. Regardless of what I report, I still have the same ability to pay.

This is your fault Pierre.

[cumos55]

Report everything correctly... Do not make any adjustments.

If you then file an amended return...  That could put up a red flag  and CRA may put you   under increased scrutiny over  many subsequent years..... 

Being self-employed puts you in a "tax advantaged" situation... do not waste one year to supposedly "temporarily look good"

[cumos55]

Do not overestimate net income... and then amend it....

My statements in reply 4 were not this clear....

[fatdane]

If you play around with reporting your income sooner or later you will get a visit from a "friendly" CRA auditor. Even if the auditor doesn't find any undeclared or hidden income, the audit process is a pain in the backside, and eats up time - the auditor gets paid and you get to waste your time answereing questions and digging out records.

[inuk_the_polar_bear]

I worked for Revenue Canada a couple life times ago. Everyone is audited every year. They target different groups for enhanced auditing every year. They have tolerances for each reporting field, what you folks call "line". As long as you stay within the tolerances, you will not "kick out".