Steve Payne
Learn the tax laws people… The rich don't work harder, they just have better accountants
Canadian Contractor ProfessionalThe Ontario College of Trades Fees of $135.60 (so you don't look like a disreputable contractor on their website if a customer looks you up) are tax deductible, a "Proud Sheet Metal Worker" points out.
The Ontario College of Trades (OCOT) is sending out $135.60 annual invoices to many categories of trade (in our industry, sheet metal workers, plumbers and electricians among them – you know, the guys who are ALREADY regulated, tracked and enforced upon). If you are one of those lucky trades, and you don’t pay this extra fee from this new “College,” goodbye to your Certificate of Qualification AND you will be listed as “Not in Good Standing” (or some similar wording) on the College’s website.
Our reader, Bryan, a union worker, loves it. As he says, no worries, it’s all tax-deductible…
“You all realize that the fees paid to the OCOT go against your income when you file your income taxes right? Professional Fees. Same as a doctor or lawyer pays. When your accountant asks you if you have paid fees to any professional organizations you can say yes. Certified trades have always been able to do this, even when it was $20/year to the MTCU (Editor’s Note: Ministry of Colleges and Universities – under the old system). Learn the tax laws people. It’s obviously in your best interest. The rich don’t work harder, they just have better accountants.
Signed, A Proud Sheet Metal Worker.”
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What exactly was his point? That professional fees are tax deductible? Apparently he is the last guy in the country to discover this, congrats.
Or that being tax deductible is a justification for the College of Trades? Should make the fees $10K a year then – cause it’s tax deductible! What a deal!
Sheet metal workers….
Hi. I would like to point out that the majority of carpenters / contractors that are able to start, over see and complete complex projects do not need to be lumped into the college of trades cash cow. Let plumbers do plumbing and electricians do electrical. Carpenters who have acquired years of skill and finesse in my eyes are undervalued and under paid. Yes there are a lot of new businesses out there that, talk the talk, but can’t walk the talk. How about taking the time to use your due diligence and reference checks before making costly, un educated decisions. Ah, maybe it all boils down to cost. Buy cheap buy twice. Value in the people who do the work, always pays in spades.