One thing nobody's mentioned - if you're GST/HST registered (which you probably are if running a card shop), you need to charge tax on the FULL value of the sale, not just the cash portion. So in your example, if you're in Ontario with 13% HST: - Customer gets $250 worth of cards - They give you $120 in trade + $130 cash - You need to charge HST on the full $250 (so $32.50 in HST) - Their total cash payment would be $130 + $32.50 = $162.50 I learned this the hard way during a CRA review last year at my comic shop. They specifically looked at my trade transactions and I ended up owing back taxes because I was only charging HST on the cash portion.

Canadian card shop owner here - the best advice I can give is separate your transactions in your accounting system: 1. Create a PURCHASE transaction for the cards you're buying from the customer (the $120 value) 2. Create a SALE transaction for the full value of what you're selling them ($250) Don't use the "discount" approach in your POS - it messes up your revenue reporting and can create GST/HST problems. I use a simple trade slip that the customer signs confirming the value of cards I'm purchasing from them. This becomes my purchase receipt. Then I create a separate sales receipt for what they're buying from me. Keeps everything clean for tax purposes and I've survived two CRA reviews without issues.

This is incredibly helpful information! I've been using the Emerald Card for three years now and can confirm the consistency mentioned here. One thing I'd add for newcomers - make sure your card is activated and you have the mobile app set up before your DDD. Last year I had a friend whose card wasn't activated and it caused a 48-hour delay even after the funds were loaded. Also, if you're worried about timing, you can call the customer service number (it's on the back of your card) the day before your DDD and they can often tell you if the deposit is already queued up in their system. The wait times are usually under 10 minutes during tax season.

Thanks for sharing this positive data point! As someone who's been tracking refund patterns across different platforms, I can confirm that Emerald Card deposits have been remarkably consistent this season. I've noticed that H&R Block seems to have streamlined their processing compared to previous years. For anyone still waiting, I'd recommend checking your account early morning (around 6 AM EST) on your DDD - that's when most ACH transfers typically post. Also, if you're using the Emerald Card app, enable push notifications for account activity so you'll know immediately when your deposit hits. The reliability of the system has definitely improved since they updated their processing infrastructure last year.

I claimed my mom as a dependent last year and got flagged for audit because I didn't have good records of how much support I provided. Make sure you keep ALL receipts for anything you pay for her - groceries, utilities, medical expenses, everything. Also calculate the fair rental value of the space she uses in your home because that counts as support too!

@Elijah Jackson, I'm so sorry for your loss. It sounds like you're doing an amazing thing supporting your mom during this difficult time. Based on what you've shared, your mom will very likely qualify as your dependent. Her Social Security income of $1,150/month ($13,800/year) is probably not taxable since it's her only income source, so she should easily meet the gross income test. Since you're covering most of her expenses and she's living with you, you're clearly providing more than half her support. For your W4, I'd recommend updating it to reflect both changes: claim her as a dependent in Step 3 AND change your filing status to Head of Household in Step 1(c). This combo will significantly reduce your withholding and put more money in your pocket each month rather than waiting for a big refund. Just make sure to keep detailed records of everything you pay for her - rent/mortgage portion for her space, food, utilities, medical expenses, etc. The IRS sometimes audits dependent claims, so good documentation is key. You can estimate her share of household expenses (like utilities) based on the percentage of your home she occupies. The tax savings between Single with no dependents vs Head of Household with one dependent could easily be $4,000+ annually on your income level!

Has anyone considered the FIREIGN act provisions that went into effect last year? Those rules significantly changed reporting for certain foreign trusts with US beneficiaries. This is even more complicated if your company has intellectual property that would be transferred to the trust.

This is exactly the kind of situation where you need to be extremely cautious. I've seen too many business owners get burned by these "too good to be true" offshore arrangements. The reality is that the IRS has decades of experience dealing with these structures and has built extensive anti-avoidance rules specifically to prevent what your advisor is suggesting. Even if you're no longer the legal owner, the IRS will look at the economic substance - you're still controlling the company, benefiting from its success, and your children are the ultimate beneficiaries. A few red flags I'm seeing: 1. Your advisor is downplaying the complexity and costs 2. The "significant tax benefits" claim without mentioning the substantial compliance burden 3. No discussion of the immediate tax consequences of the transfer Before you even consider this, you absolutely need: - A second opinion from a tax attorney (not a financial advisor) who specializes in international tax law - A detailed analysis of ALL the reporting requirements and penalties - A realistic estimate of annual compliance costs - Understanding of the exit strategy and costs if things go wrong I've seen these arrangements cost people hundreds of thousands in penalties and legal fees when they go sideways. The juice is rarely worth the squeeze, especially for a business of your size.

As someone who's dealt with this exact situation, I'd recommend a two-pronged approach. First, send a brief but firm email to each company stating you never consented to electronic delivery and require paper forms per IRS regulations. Keep it professional but clear about your expectations. Second, document everything - save those consent emails as evidence and keep records of your responses. I learned this the hard way when a company later claimed I had "agreed" to electronic delivery just because I received their email. The good news is that once you establish this preference with your regular clients, most will remember for future years. It's a bit of upfront work now, but it saves headaches later. Don't let these companies push you into electronic delivery if that's not what you want - you have every right to receive paper forms.

I've been dealing with this same issue! What's particularly annoying is that some of these third-party services make it really difficult to actually access your 1099 even after you click their consent link. I had one company use a platform that required me to create an account, verify my identity with multiple documents, and then still had technical issues downloading the PDF. My solution has been to respond immediately to these emails with something like: "I do not consent to electronic delivery of tax documents. Please mail my 1099 to the address on file as required by IRS regulations." I've found that being direct and mentioning the IRS regulations specifically gets better results than just asking nicely. The key is responding quickly - if you wait too long, some companies assume silence means consent and might not send paper copies at all. I learned this lesson when I missed getting a 1099 entirely from one client because I ignored their electronic consent email.