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Post by rich96 on Sept 5, 2016 18:44:26 GMT -5
Hey guys, I'd really appreciate it if any of you had an answer to my question! I read everywhere (Here, Toronto Star) that income from these studies are income-tax free here in Canada (I'm in Ontario). Now, I just did a study and got paid. However, I can't find a source from the CRA that mentions studies that tells me that this income is tax-free for Canadians? If you could please direct me to a source I'd appreciate it. Also, how would I put this income on my tax forms? Say I made $3k from a study and its in my bank account. Come tax time How do I list it? Thanks!
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mike
Moderator
Posts: 334
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Post by mike on Sept 6, 2016 1:11:39 GMT -5
For US citizens we have to file as independent contractor or self-employed. I have no knowledge of how the Canadian tax system works. Maybe they do not tax you for study income, which would be nice, I don't think that they should tax us for it in the US either, but the only way to find out for sure is to contact the Canadian version of the IRS.
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Post by ac on Sept 6, 2016 9:45:41 GMT -5
I looked into it and found that US citizens have to pay taxes on the income even if it's foreign income. I didn't try to find out if Canadian citizens have to pay tax on studies. For US citizens it's simple, if you get the majority of your income from studies then you are doing it as a job and must file self employed. If you just do a study or two a year to supplement your income then you can file it as "other income" and just pay federal and state tax not self employment tax. If you don't file as self employed and pay the self employment tax then you can't deduct expenses.
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Post by userusername on Oct 7, 2016 17:05:40 GMT -5
I am a US citizen and I am curious if it's possible to participate in clinical trials in The Great White North?
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FloridaGirl
Full Member
I am new to Phase 1 clinical trials so I am trying to learn as much as I can .
Posts: 160
Location: Florida
I mainly do: Healthy Studies
# of studies I have done: 3
A little about me: I am just getting started in clinical trials . Became unemployed and was doing small outpatient studies until someone told me about Covance and it has ed up a new world of making money.
So I am trying to do more inpatient studies and am hoping to do even more next year.
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Post by FloridaGirl on Oct 8, 2016 19:09:20 GMT -5
I don't know but I had someone from Canada asking me about studies in the US. Maybe someone from Canada can voice in about how their studies operate. Someone' actually contacted me through FB so I will ask her as she was asking me about the US.
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Post by vark on Oct 9, 2016 1:08:41 GMT -5
I am not a tax professional, but I heard soing about how US citizens don't owe income tax on the first 80K of income earned abroad, so ask your accountant.
I did meet one lab rat who did studies in canada so apparently it's possible (or used to be, or he lied.)
I have not done studies in canada, i keep not getting around to getting a passport. My experience with the american subsidaries of some of these companies:
biopharma: i liked it. small but growing. a lot of people bounce between bio and pharmamedica but bio runs a tighter ship. studies tend to be low pay but quick.
fargo: so-so. crowded, poorly run, good people. same company owns vince which i havent been to.
morgantown: similar. crowded, poorly run, good people. no longer owned by kendle/inc, but hasn't changed.
pharmamedica: worst. crowded, low tier subjects, new untrained staff, poorly run (except one cool manager, but he can't do everything.)
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FloridaGirl
Full Member
I am new to Phase 1 clinical trials so I am trying to learn as much as I can .
Posts: 160
Location: Florida
I mainly do: Healthy Studies
# of studies I have done: 3
A little about me: I am just getting started in clinical trials . Became unemployed and was doing small outpatient studies until someone told me about Covance and it has ed up a new world of making money.
So I am trying to do more inpatient studies and am hoping to do even more next year.
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Post by FloridaGirl on Oct 9, 2016 12:55:38 GMT -5
Yes , but I am wondering about having to have a Canadian address and Canadian health insurance or I guess health insurance in general. So I am wondering if that is true about the address and health care since in the US they don't ask about health insurance . It would have to pay quiet a bit for me to venture to Canada but I do have a passport so it would be a possibility.
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Post by veteran2 on Oct 12, 2016 0:42:21 GMT -5
Years ago I met a few Americans in Canada doing studies(also other foreigners). But I didn't do any studies for about 15 years and the rules completely changed with a health card as must at Pharma Medica (Toronto) and a finger scan to see if you're double dipping or using forged ID. Best case is to call the switch board. Back when they used to take foreigners the companies were much more relaxed in terms of screening. So who knows.
Ps. The Canadian dollar has dipped about 35 ent against the US buck so studies won't be as well paying as you think. But I have noticed that studies in Canada do seem to pay more per day on average so the exchange rate difference could be nearly the same. Also Toronto studies pay more than Montreal on average but short term housing is much more expensive as is restaurants and other services.
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Post by veteran2 on Nov 17, 2016 12:32:34 GMT -5
Updated for lurkers. But I did a study at Bio Pharma in Toronto and I wouldn't recommend this place to anybody unless they are older ie 55+(as many places "retire" you in this age range). I got back on the horse last fall and had never done a study at this company. IMO the facilities are poor and the place is frigid or on the edge of being too hot. Also if you are muscular or fat the meals are very tight caloric wise. The only positive of the site is the staff is rather friendly and on the day you are leaving they don't force you to go to bed like you are in basic training for the army.
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Post by puntkicker on Nov 23, 2016 15:20:48 GMT -5
As for taxes in the US, someone very recently explained to me beyond the income tax never being properly ratified, by definition what we receive is not income, and the 1099 or whatever is just a record that the corporation is being tax. He says he only pays what he legally requires, which I later found out was NOTHING. He also admonished me multiple times to choose your battles wisely. If anyone wants to share their thoughts and /or experiences with taxes, please do. If you prefer to send a private message, please do that!! This is very helpful, and entertaining, by Aaron Russo who produced movies like Eddie Murphy's Trading Places. It's called "America: Freedom to Fascism", and it covers many things like the income tax, and again reminds us there is no federal law anywhere that says you have to pay. Every year, someone takes out an add in the Chicago newspaper offering $50,000 to anyone who can find such a law. Even doing a minute bit of research(such as watching this entertaining video), can change your worldview. This is a true GEM, by a true patriot/scholar! (There is a director's cut thats maybe 30 minutes longer for folks really eager, but for folks new to this I wanted to make it as quick as possible). I love humanity, and my country, and want to help people know more about the reality of things that shocked me at first too. EDIT: One more thing, I have heard in the first 100 days Trump plans to cut taxes on the working man, and everything under $40,000 would be tax free. That's US, people! I dont want the danger of having a political discussion break out, and ask that nobody say anything inflamatory, especially BS the establishment media has conditioned you to believe/express like mindless robots, but this one topic that directly effects us, to me seems worthy to be mentioned being this is a thread with a title that is anti-tax.
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Post by papuanewguineapig on Dec 26, 2016 13:31:54 GMT -5
Do the places in Toronto use VCT?
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Post by puntkicker on Jan 6, 2017 2:47:14 GMT -5
Do the places in Toronto use VCT? ROFLMMFAO!! "You can escape even the IRS, but you can't escape VCT"!! Only on JALR, people!
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Post by veteran2 on Jan 11, 2017 21:51:57 GMT -5
Do the places in Toronto use VCT? Yes most do. 2 places supposedly don't(Apotex and Inflammax), I don't know as I haven't done a study at Apotex in 15 years and have never done one in Mississauga.
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mike
Moderator
Posts: 334
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Post by mike on Jan 15, 2017 21:48:20 GMT -5
I can't believe a clinic took the name "Inflammax".
[moderater's note: i think they are aka sneezeusa.com for their jersey outfit. - vark]
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Post by veteran2 on Jan 29, 2017 20:07:05 GMT -5
Actually the name is Inflamax. I don't know why I typed in two letter ms. It's located in a municipality west of Toronto similar to St. Paul to Minneapolis.
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