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Gold/Mining/Energy : Day trading in Canada -- Ignore unavailable to you. Want to Upgrade?

To: keith massey who wrote (1126)	11/8/1998 2:54:00 PM
From: the Chief	Read Replies (2) \| Respond to of 4467

Hi Keith. I'm really stepping out of my line of expertise her...thats why I pay an accountant!1 However my "rudimentary understandings" are thus, on the subject. You can right off a computer ($3000) your data service ($2000) and newsletters and magazines ($1000). For a grand write off of $6000 (I am being somewhat generous with with these numbers). Your taxable income is now $40,000-$6000=$33,000. You are now at a higher tax rate and pay 26% on $33,000 income which is $8580 not taking into account other normal write-offs. First, you can't write-off, you can "depreciate" which changes the whole aspect to expensing, you have just described!! Some of the things indicated above cannot be expensed 100% . I believe you will find for hardware it is expensed at 20% then 15%, then 15% for the remainder to zero. Some subscriptins "cannot" be written off, they were done away with when the Canuck Gov prevented a number of expenses for business in 1994. However, I truly am getting away from what I know, and I am definetly discussing something, from a position of weakness. All I can truly say is "don't do anything until you talk to an tax accountant". I have and he has informed me, that I should continue as I am doing, and not to proceed with a "business/primary income" setup! You guys have squeazed the last bit of knowledge that I have on this matter...honest....I'm stupid, or lying from here on in<ggggg> the Chief