just make sure u dont make more than $30k a year cause then u have to register for GST/HST and thats a whole other headache lol. i kept mine under that on purpose cause i dont wanna deal with all that.

I went through this exact same situation when I started doing online content creation last year! The short answer is yes, you absolutely need to report ALL income to the CRA, even if it's just a few hundred dollars. Here's what I learned from my experience: - Report it as self-employment income on Form T2125 - Keep detailed records of ALL your earnings from the platform - Track business expenses (equipment, internet portion, phone bills, etc.) - Set aside about 25-30% of earnings for taxes - You don't need to register as a business unless you hit $30k annually The CRA considers this taxable income regardless of the amount or payment method (PayPal, direct deposit, whatever). I was nervous about it too at first, but it's really not that complicated once you understand the process. Better to be compliant from the start than deal with issues later! Pro tip: Keep a simple spreadsheet tracking your monthly earnings and any related expenses. Makes tax time way less stressful.

One thing no one has mentioned - if you're gambling on sites that aren't legal in the US, reporting those winnings doesn't make the gambling itself legal. You still have to pay taxes on illegal income (IRS doesn't care where money comes from, they just want their cut), but reporting it doesn't protect you from other legal issues related to using those platforms. Most people don't run into problems, but just something to be aware of since you mentioned the platform isn't regulated in the US.

Great question! I went through something similar last year with about $8K in crypto gambling profits. Here's what I learned after consulting with a tax professional: The key thing is that you need to report the fair market value in USD at the time you received each winning, not when you eventually cash out. So if you won 0.5 ETH when ETH was $2,000, that's $1,000 of taxable gambling income even if ETH later drops to $1,500. For your situation with $13.5K in profits, you'll report this as "Other Income" on Form 1040 Schedule 1. Since you haven't converted to USD yet, you're not dealing with capital gains/losses on the crypto holdings themselves - that only comes into play when you sell. One practical tip: start documenting everything now while it's still relatively fresh in your memory. Create a spreadsheet with dates, amounts won in crypto, and the USD value at that time. You can use sites like CoinGecko or CoinMarketCap to get historical pricing data. The IRS expects you to use "reasonable methods" to determine fair market value, so using widely-accepted pricing sources should be fine. Also remember that if you have gambling losses, you can potentially deduct them against your winnings if you itemize deductions, but only up to the amount of your winnings.

This is exactly what I needed to hear! I filed on January 20th and just saw my status change from "still being processed" to "being processed" yesterday. I've been so anxious because I have some unexpected medical bills that came up, and I was really counting on this refund. The waiting game has been brutal, especially when you can't get through to anyone on the phone. It's reassuring to know that others who filed around the same time are seeing movement. I completed my identity verification about 10 days ago, so hopefully I'm in that final stretch. Thank you for sharing your experience - sometimes you just need to hear from someone who's been through the exact same situation!

As someone who's completely new to this whole process, I can't tell you how relieved I am to find this thread! I filed on January 26th and just noticed my status changed from "still being processed" to "being processed" this morning. I've been checking WMR obsessively (probably 5+ times a day) because this is my first time dealing with identity verification and I had no idea what to expect. I completed the ID.me verification about 12 days ago and have been in complete limbo since then. Reading all these responses from people who've been through the exact same situation is giving me so much peace of mind. I had no clue about checking transcripts or understanding the difference between these status messages. Thank you everyone for sharing your experiences and timelines - it's making this stressful waiting period so much more bearable knowing I'm not alone in this!

I'm confused about something similar. If I have investment losses from 2023 that I didn't claim, can I still use them for my 2024 taxes? Or did I lose the opportunity by not claiming them last year?

Great question about the 1099-B form! I went through something similar when I first started investing. That $171 loss is definitely claimable and worth reporting. Just to add to what others have said - don't feel bad about the loss! It's actually a learning experience that many new investors go through. The silver lining is that you'll save a bit on taxes, and now you understand how capital losses work for future years. One thing I wish someone had told me early on: keep detailed records of all your investment transactions going forward. Take screenshots or save confirmation emails when you buy/sell. It makes tax time so much easier, especially if your broker doesn't report complete cost basis information. Also, since you mentioned this was your first time with investments, you might want to research dollar-cost averaging and index funds for future investing. Much less stressful than picking individual stocks!

Make sure to check if the scholarship is covering MORE than just qualified expenses. My son's "full ride" included: - Tuition (not taxed) - Books (not taxed) - Meal plan (TAXED) - Housing stipend (TAXED) - Travel allowance (TAXED) The university just sent him a lump sum for the taxable portions, which got reported on a 1099-MISC. Caught us by surprise the first year when he suddenly owed taxes as a student with "no income"! The taxable portions count as income even though he never saw the money (it went straight to his student account).

One thing to check - are you sure the money is actually a scholarship and not a tuition reduction? Sometimes schools call it a "scholarship" but it's technically a reduction in tuition, which has different tax implications. Look at the 1098-T box 5 (scholarships/grants) vs. box 2 (amounts billed for qualified tuition). If it's truly a scholarship and is less than or equal to qualified expenses (tuition, required fees, books for required courses), then it's tax-free. If the scholarship exceeds qualified expenses, only the excess is taxable. My kid got a "presidential scholarship" that confused us at first - turned out it was actually a tuition discount, not true scholarship money changing hands, which affected how we reported it.