Tips For Self-employed Individuals

Are you self-employed? If so, you have until midnight on June 15, 2010, to file your 2009 income tax and benefit return. You must pay any balance owing for 2009 on or before April 30, 2010, regardless of your filing date.

If you earned self-employment income from a business you operate yourself or with a partner, you should report it on the T1 general income tax and benefit return.For more information, go to Canada Revenue Agency website .

Keep records

Keep adequate records if you are carrying on a business or engaged in a commercial activity in Canada. The records have to provide enough detail to determine your tax obligations and entitlements and have to be supported by original documents.

Pay tax by instalments

If you receive income that has no tax withheld or does not have enough tax withheld for more than one year, you may have to pay tax by instalments. This can happen if you receive rental, investment, or self-employment income, certain pension payments, or income from more than one job. For more information, go to Canada Revenue Agency website.

Leave a Reply

Your email address will not be published.