Top 5 Tax Tips for Self-employed
Top 5 Tax Tips for Self-employed
1. Get a good help- whether this is an accountant or somebody familiar with the subject. 2. Set up an RRSP – the allowance you contribute is tax free 3. Deduct child care costs and medical expenses - 4. Office expense – if you have separate office or you are using part of your house deduct this percentage off your monthly payments. 5. Keep good records – save all your receipts and use some simple software to keep track of your credits and debits |
Thanks Tsveta,
I think getting a good accountant is the most important of all. I have a friend an IT contractor like me, who does his taxes by himself. He is probably losing money, because he doesn't want to consult a professional accountant, but that is his choice. I would never do my own corporate tax return by myself. |
I wouldn't do my corporate taxes myself, if I had a corporation. Your friend definitely loses money and I don't think he can file his companies’ taxes without being chartered accountant in the first place. Not every accountant can file corporate taxes as far as I know.
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You are right. Only Chartered Accountant can file corporate taxes.
One more tip from me. Don't leave everything for the last moment. Every month find a time to sort your bills and receipts and file them. This will save you a lot of trouble when the tax season comes. |
Keeping good records and a good accountant will do the trick. :)
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