This morning I met with my accountant who helped me chart out the next steps in retiring.
Notification has been sent to both taxation arms that my account is closed because my business is. We also discussed what needs to happen in order to file my income tax for 2019 and she has my books to balance (better her than me!)
The weather has warmed up (for certain values of 'warm') and since we both have errands to run, I am grateful.
Yesterday I marked two boxes of homework and this afternoon will return one. The other student is on an adventure and not home, so I will wait until she is back and see if she wants her stuff now or is happy to save the shipping and pick it up from me at Olds. Given the level one class fills.
The college has also been in touch about a satellite class, but may not contact me until the cut off date to confirm. Or may choose someone else. There is a roster. :)
And that is all part of celebrating the class - watching some of the first students complete their final level and be taken on as teachers to help perpetuate the knowledge.
I told a friend a couple of years ago that I want to teach myself out of a job. Because that is what needs to happen. We need to keep growing our base of informed instructors, instructors who can look at the craft as a whole, convey principles, encourage analytical thought and ergonomic practices.
When I see a photo of someone on line sitting far too low I worry about their backs, their shoulders. When I see people with warping boards mounted too high for comfortable working, I worry about their shoulders and necks. Thumbs down? Not good.
So I hope to continue to teach for Olds for a few more years, as long as I can make the journey and hold up under the intense 5 day class. While it may feel to the students as though they are trying to drink from a fire hose, I am the one directing that stream of information. And it is just as exhausting for me to oversee the students, make sure they are understanding, make sure that people with diverse backgrounds and wildly different levels of experience either don't fall behind, or don't become bored because they already know all this stuff.
On the other hand, it is immensely satisfying to get the boxes of homework, read the letters they frequently include outlining their journey and how much they have learned and how excited they are to learn more. They may continue with the program, or take the level one information and build on that, in their own way, in their own time.
But it's all good. And I am delighted to be the level one teacher at Olds again this year. Retirement does not mean not doing anything, but not doing what no longer felt right or healthy. Today I took a couple more steps towards that goal. By February, I should be pretty much done with closing down the business end of my life and able to focus on what comes next.
2 comments:
A confusing thing to me...since you’ll still have professional income-from teaching and selling at Guild shows-how can you officially shut down the business? Maybe it’s a matter of the different ways in which the U.S. and Canada report incomes. Or maybe my accountant here in the States will tell me it’s a matter of how much income that matters when I get close to that place. I think I’ll ask him when we meet to do my taxes for 2019.
It's primarily about collecting and remitting taxes.
Since I am an adjunct employee of Olds College, they remit income tax to the federal government and issue me with an official T-4 slip recording how much they collected and remitted to Revenue Canada on my behalf.
As for the sales, since I have a business entity now doing the public sales for me, it is their responsibility to collect and remit the appropriate taxes for any sales they make.
The meeting with the accountant went very well, clearing up any lingering questions I had and she will follow through and do what is necessary for 2019. And I will continue to have her do my income tax to make sure my tiny little bit of income will be reported.
I can no longer claim any money from my income for studio expenses because I no longer have a business. I no longer have a city business license, nor a business telephone line and both tax accounts are closed - or will be once they process the submission/notice of the closure of the business.
I am now a retired person who makes a little bit of money from her 'hobby', which will be reported as required at tax time.
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