If you receive payments for products or services you provide and you are not an employee, you may be earning a self-employment income. The income can be earned from business you operate yourself as a sole proprietorship or with someone else as a partnership.
Self-employment income is reported on your personal income tax return (T1). You have to include income from any activity you do for profit.
You report your business income based on a fiscal period. Self-employed individuals generally have to use a December 31 year-end.
You can deduct all expenses incurred in the conduct of your business as long as the expenses are undertaken to earn income.
Your return is due on June 15.
Our tax professionals are up to date on all the latest tax laws and changes. We will take care of your tax filing so you can focus on making more income.
We will make sure you claim all allowable expenses to minimize your taxes. We will help you claim the tricky expenses properly to avoid a tax audit, such as automobile expenses, office expenses, meals and entertainment expenses, and etc. We will advice on other issues such as GST, employing family members, and payroll tax submissions, etc.
Related Topics
Tax deductible business expenses
- Tax Return Preparation
- Private corporation tax services
- Taxes for self-employed (Freelance, Consultant, Sole proprietor, Independent Contractor, Lawyers, Commission-based Salespersons etc.)
- Rental income tax for rental property owners
- Tax for employees qualified to claim employment expenses
- Prepare Family tax returns together
- Tax on investment income
- Students and income tax
