Self-employed income tax solutions and tips

Self-Employed? How To Save The Most On Your Tax Returns

Many expenses can be claimed on a tax return if you’re self-employed. How can you save the most money? By knowing what deductions you’re eligible to receive. If you work for yourself and report a business income, you have the good luck of being able to deduct several expenses on your tax return for the self-employed. The Canada Revenue Agency’s …

Small Business – Start Your Own, Buy Shares or Assets, or Forget It?

One way to financial independence is having a successful business. There are an endless number of business possibilities, including turning a hobby or a special skill into a business, selling goods in a store or on the internet, or having a website which can earn advertising revenue. The only limitation is your imagination. In order to run a successful business, …

Making changes to tax return

Changing Your Tax Return

Income Tax Act S. 142(4.2) If you have filed your return and then determine that you need to make a change, either because you have received another T-slip, or because you didn’t claim an expense and later learned it was deductible, you can request an adjustment to your tax return. The time limit for filing most adjustments to your tax …

Year End Tax Tasks for Small Businesses

Are You Self-Employed? Know Your Tax Obligations

As a self-employed person, you and your spouse or common-law partner have until midnight on Thursday, June 15, 2017, to file your 2016 income tax and benefit returns. The legislated date for paying an income tax balance owing is April 30. Since that date is a Sunday in 2017, the Canada Revenue Agency (CRA) will consider your full payment as …

Tips for filing a personal tax return quickly

A Procrastinator’s Guide to Filing Your Taxes Quickly

It’s that time of year again when Canadians start scrambling to get their tax return filed on time. The deadline to file this year is May 1st 2017 at midnight. If you owe money, the Canada Revenue Agency (CRA) starts charging interest on the balance one day after the deadline passes. Whether you file your taxes yourself or use a …

Canadian Tax Return Due Date 2016

Filing Due Dates For The 2016 Tax Return

Generally, your return for 2016 has to be filed on or before April 30, 2017. Note: If you do not file your return on time (see exception to the due date of your return), your goods and services tax/harmonized sales tax (including any related provincial credits), Canada child benefit payments (including related provincial or territorial payments), and old age security …

Frequently asked Canadian tax questions

Top Questions We Get At Tax Time

Every year around tax time, Canadians call the Canada Revenue Agency (CRA) with a variety of questions. You can find a number of answers online if you are registered for the CRA’s online services. The five most asked questions: 1. How do I change my address? If you’re registered for the CRA’s online services, you can change your address by …

Year End Tax Tasks for Small Businesses

10 things you need to know about B.C. Budget 2017

Tax relief and spending highlight budget ahead of spring election. 1. MSP Reductions Medical Services Plan premiums will be cut in half starting, Jan. 1, 2018, for households with an annual net income of up to $120,000. The B.C. Government says the reduction will mean about two million B.C. residents will see their premiums cut in half — a savings …