Self-Employed Taxes

It is important to figure out how much tax a self-employed individual owes and which tax forms are required to be filed with CRA. As a self-employed, it is necessary to prepare for tax season throughout the year by keeping a detailed logs of income, expenses and tax deductions.

Things You Need To Look Into As A Self-Employed Person

The moment you start trading goods or services for money without an employer, the federal government of Canada considers you a sole proprietor. That is the point where you are required to report all your income and file your own taxes with CRA. The income will be reported as part of your personal income on your Personal Tax Return (T1).