Good answers Boco and I am in agreement on being legit as much as is possible

With the prices we are receiving for are fur it would crazy not to claim it all for taxes, The price of gas here eats up any profit about $7.00 a gallon right now. Not harf to show a loss and reduce the taxes.

Cash is king. Just sayin!

Correct-I was paid in trapping rights and the product of those rights was accounted.

Agree

Did not realize one man's money was somebody elses business

You're right Jeff. It ain't but Boco seems to think different, hence the question I asked.

I'm sure Trudope is tickled pink with him.

I am relieved, I thought maybe he accidently shot himself with an illegal pistol.

Yep a couple more years in the red and I'll be able to buy a new bike or skidoo tax free.

Oh no Boco; dont say bike, cause these boys south of us are thinking along the line of a Tricycle...their level
or something called a Harley as a bike.

Too hard to write off a harley here John,lol.

I thought being in the red, means losing money. I guess you lied about always making money trapping? Running a business to lose money to lower ones taxes is not making money. At least in America.

Still make money,just lowers your liability in the high return years.Capital cost allowance and carryforward is a great thing for a trapper who deals in the boom and bust cycles.It evens things out so you can protect your investment in the lean years without going belly up.
Being an old geezer I have learned to play the long game.Never was into the instant gratification thing like so many nowadays.
Only downside to maintaining capital cost deduction eligibility is accumulating a bunch of equipment over the years.I must have at least 3 or 4 of everything.I guess I should start to give some stuff away again.

"In the red describes being in debt or losing money. "



"The expression "in the red" generally is used to describe a business that is operating at a loss."


"Yep a couple more years in the red and I'll be able to buy a new bike or skidoo tax free."

On paper.Look up use of home expenses for small buisness for example.
Take advantage of your legal entitlements to maximize profit in the long game.

I have never had a loss. That's why I don't take your business advice.

Me either.Thats why I own so much stuff-might as well pay myself.

Yep that’s how small business and farmers operate. Basic business practices

Serious question: Do you have to pay for your trapping grounds? I do not know how it works up there. I understand that you have a registered trap line. How does that work?

I understand why you wouldn't want to risk loosing it. I am just wondering how things work up there. Can you trap your buddies (100 ish acre) farm outside of your trap line?

Buy a yearly licence and trap.responsible for management on the line including any nuisance out of season contracts.You can hire a helper and sign a permission for him to get a licence on your line.You are his boss-you tell him when where and what to trap.I have one registered trapline and trap as an 02 on 2 other traplines that are not currently trapped by anyone else.I could get on at least 3 more traplines if I wanted to but could never handle tthat much territory at my age.You can trap anywhere in the province.I know a bunch of trappers who trap private lands in southern Ontario then come up north to hunt and trap their registerd lines.
Yes you can trap as many traplines as you can handle when they come available or as an 02 helper on someone elses ground.Yes you can trap private land,if outside your rtl boundary you need to purchase a residents licence in addition to your registered line licence.

My registered trapline has a 60 beaver quota.Beaver is the only species with a mandatory minimum which is 50 to 75% of the quota depending on habitat.There is a maximum quota on lynx marten and fisher everything else is open(no limit)Quotas are trapline specific.We are allowed two cabins per line each with ancillary buildings.main cabin cannot be larger than 600 sq feet two ancillary buildings of 200sq feet each one for fur handling and one for storage.line cabins can be no more than 400 sq feet with one ancillary building of 200 sq feet.We can use our cabins year round with our family.
The other two traplines I trap on are open quota for all species,no maximum or minimum.Traplines vary in size,from a couple hundred sq km to around 1500 or more sq km further north.My line is around 400 sq km,one other line right beside that one that I trap is same size and the other one close to town is about 180sq km.
Is that the info you were looking for Jerry?