I can relate so much to this Financial Post article

https://business.financialpost.com/personal-finance/taxes/your-personal-business-better-be-real-if-you-are-using-it-to-claim-expenses-for-tax-purposes

I mentioned that I owed money to the CRA at one time to the tune of $21K. I didn’t really mention why. It was stupid on my part but you must keep in mind that I was in an emotionally abusive relationship. The Ex was controlling. I see that now in hindsight.

He had a book that mentioned how you can reduce your taxes with your business write-offs. I argued that you can’t just write things off as business expenses if you didn’t actually have a legitimate business. He made me open up a trade name and proceed to write-off our day to day expenses as “business expenses”. It made me uncomfortable and I knew better but I still did it anyway. Why didn’t he open up a trade name? Oh yeah, he was unemployed and it would be more plausible coming from me since I had a J.O.B.

I did this for two years. We took the large tax refunds and spent it on vacations to Hawaii and to fix up the house his mother owned but he still said was his. Of course, I would get audited by the CRA because of my large tax refunds. He concocted a plan where I was paying him a consulting fee through my trade name. It was all bull shit. Absolute bull shit. My tax returns were re-assessed and I had to pay back the $21K.

You know what the real kicker was? He pressured his mom into doing it too. He was so manipulative and it pains me to realize that now instead of earlier. Coulda, shoulda, woulda. I’ve learned my lesson and have vowed that nobody else would control my money and decisions. My husband doesn’t care what I do with my money because he knows I’m very headstrong about it now.

 

 

 

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s