Home/Tag:self-employed income tax

Deducting Home Office Expenses for Self-employment

Self-employed people in Canada can take a home office deduction. It's one of the best things about being self-employed: you can take costs you were already incurring -- your residence costs -- and use them to reduce your taxes. Business-use-of-home The Canada Revenue Agency (CRA) calls the home office deduction business-use-of-home. As a self-employed person [...]

Commuting costs for self-employed consultants

Q: I am a self-employed consultant and I travel to and from my work via Uber, Lyft or taxi most days. Can I write off the cost of these services as a business expense? If I take my own car, can I write off motor vehicle expenses? A: The answer depends on whether or not [...]

Business Deductions: The Reasonable Expectation of Profit

Business owners, freelancers and self-employed people have many questions about what they can and can't write off for their taxes. This is a potentially endless topic. There are an infinite number of possible businesses, with an infinite number of ways they can be run; meaning there are an infinite number of potential business deductions. The [...]

It’s not too late to file your taxes!

April 30 may have come and gone, but if you haven’t filed your income taxes there’s still hope. It’s always worthwhile to file as soon as possible, even if you’ve missed the magic date. You may not actually be late! If you or your spouse have self-employment or freelance income, you both have until June [...]

By |May 8th, 2017|Two Minute Tax Tips|Comments Off on It’s not too late to file your taxes!

All About ‘Other Income’

Definition of 'Other Income' 'Other Income' is taxable income that has not been or should not be reported anywhere else on the return. Source: CRA website. How you choose to declare income can have short-term and long-term effects. Line 104 and Line 130 on your Canadian Income Tax Return are usually intended for 'Other Income' [...]

By |January 3rd, 2017|Tax Education|Comments Off on All About ‘Other Income’

How Do I Pay If I Owe Income Tax in Canada?

  You can pay your taxes, in whole or in part, when you file your return, or you can wait until after you receive your Notice of Assessment. Payment On Filing - via Online Banking* If you want to pay when you file your return, you can do so through online banking. Set up the [...]

By |May 3rd, 2016|Two Minute Tax Tips|Comments Off on How Do I Pay If I Owe Income Tax in Canada?

Income from Artists’ Project Grants

©iStock/ohmstock For creatives in Canada, grants can be a key part of continuing to produce your art and jumpstart or maintain your career. Here’s how to declare the income from artist project grants on your income taxes, and how they are treated when it comes to GST/HST. An artists’ project grant one that [...]

By |March 7th, 2016|Two Minute Tax Tips|Comments Off on Income from Artists’ Project Grants

The Earlybird Discount on Tax Preparation is Back!

© iStock/SteveByland Deep in the freeze of January it’s hard to believe that tax season is around the corner. But believe it or not, here in the tax office we’re gearing up for another season of solving your problems, easing your stress, and providing pain-free tax preparation. By popular demand, this year we [...]

GST/HST In One (More) Sentence

©iStock/stockstudioX Okay. I may have oversold that last tip, since clearly this explanation of GST/HST is longer than one sentence. But hopefully it’s still making sense, which is more than we can say for most things in this world. If you’re still with me, read on…I promise it won’t hurt a bit. [...]

GST/HST Explained in One Sentence

©iStock/paprikaa Here, for the first time on any stage, the amazing stunt of explaining the entire system of GST-HST in Canada in a single sentence! As I answer clients' questions, peruse our great nation’s major newspapers, and fall down the rabbithole of Facebook posts, I encounter so many misconceptions about the GST/HST [...]

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