Tax strategies for self-employed workers
Make the most of your returns.
5 must-have insurance coverages for small businesses in Canada
Created By
Zensurance
Scotiabank is reminding Canada’s self-employed workers to get ahead of the game and organize their tax documents before the June 15 deadline.
While some self-employed citizens are confused as to whether or not their business is large enough to require filing a return, the bank explains that all activities that are undertaken for profit qualify. This means everything from making your own jewelry to renting out rooms in your home as a B&B.
To make the most of your tax return, they suggest taking advantage of all business-related expenses, maintaining a log of all business-related mileage – these costs can be claimed as long as the distance of each trip is recorded – and maximizing your Capital Car Allowance.
They also suggest keeping organized records, speaking to an accountant or tax adviser, and considering incorporating your business.
Share this article Share on Facebook Share on Twitter Share on Linkedin Share on Reddit Share on Email
Related Articles
How to pay yourself as a power of attorney in Ontario
Should you be paid as a power of attorney? Learn about the compensation rules in Ontario and how to...
Why are Canadians still frustrated with the economy?
Inflation is down, wages are up. But the economic recovery has been uneven, with “two contradictory trends” shaping Canadians’...
CCB payment dates 2024 and 2025, and more to know about the Canada Child Benefit
Parents, here are the CCB payment dates for 2024 and 2025, along with how much you can expect to...
CPP payment dates in 2024 and 2025, and more to know about the Canada Pension Plan
Here’s how Canada’s retirement pension plan works, who’s eligible for CPP, when you can start receiving CPP, and CPP...
How to report foreign income in Canada
Canadians have reporting requirements for foreign assets, income and tax paid. Here’s how to claim each of these on...
How to negotiate a higher salary and come out winning
If you are struggling with the higher cost of living in Canada and you need more income, you could...
Should you invest an inheritance in an RRSP or a TFSA?
A Certified Financial Planner provides perspective on the TFSA vs. RRSP question for a couple in their late 50s...
How income from digital platforms is taxed in Canada
Driving for Uber or writing on Fiverr? Here’s what you need to know about filing your taxes.