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  #1  
Old 11-02-2006, 11:29 AM
Tsveta Tsveta is offline
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Default 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
  #2  
Old 11-02-2006, 01:23 PM
lookingforjob lookingforjob is offline
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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.
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Old 11-13-2006, 10:00 AM
Tsveta Tsveta is offline
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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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Old 11-15-2006, 09:42 AM
lana lana is offline
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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.
  #5  
Old 11-17-2006, 10:12 AM
Paul Paul is offline
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Keeping good records and a good accountant will do the trick.
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