[New Business, No Sales, Opening and Closing Inventory]

26 minutes ago, Geo123 said:

Hello david007co,

Correct.

 

May I ask, why closing inventory should be left empty, if I ended up with the inventory I purchased during the year?

Thanks for your help.

[New Business, No Sales, Opening and Closing Inventory]

For a new small business (self employed, not Inc.).

Started the business in May 2023 with no initial inventory.  We made purchases of inventory during the year for $1,027.01

We did not make any sales during the year.

What do I put in:

• Opening Inventory
• Purchases during the year
• Closing Inventory

 

 

Thanks for your help.

[NAICS code for an online retail store]

On 4/16/2024 at 6:16 AM, Geo123 said:

Hello david007co,

Please check with the CRA if the below NAICAS is correct.

458310    Jewellery retailers    Bijouteries
 

Contacted CRA and they said they can not help me with identifying my Industry Code. however, they suggested I contact StatsCanada who indeed mentioned that 458310 could be applicable.

Thank you so much!

[NAICS code for an online retail store]

For an online retail store that sells handmade earrings (not manufactured by the company).

I used NAICS 454110 Electronic shopping and mail order in the past. The code is no longer available on UFile 2023.

I cannot find an comparable code for on line web sales what should I use now  ?

I checked the CRA website and cannot find a similar code.

 

Thanks for your help

[Work Expenses If I Only Worked 15% Of The Time From Home Office]

On 4/14/2023 at 2:50 PM, Geo123 said:

Hello david007co,

Then that is an additional proration of the amount  eg. Hydro Expense * 15%

Thanks a lot for pointing it out. That was the correct answer.

[Work Expenses If I Only Worked 15% Of The Time From Home Office]

4 hours ago, Geo123 said:

Hello david007co

Percentage (%) of home being used for personal purposes :   < - - - ENTER 85%

Actually, I am not talking about the % of the house that I sued for work (in my case is 9%).  I am asking that only 15% of the time worked last year was from home.. so I only used the home office 15% of the time.

 

[Work Expenses If I Only Worked 15% Of The Time From Home Office]

As per the T2200 the employer only required to use home office 15% of the time.

In UFile, this is entered in the "Home office expenses" tab. It only asks what % of the home was used to personal use, and then the total amount spent (for work + personal).

Where can I specify that I only need to deduct the 15% portion?

Thank you.