Job Forum Canada

Job Forum Canada (http://www.jobforum.ca/index.php)
-   Self Employment in Canada (http://www.jobforum.ca/forumdisplay.php?f=4)
-   -   Top 5 Tax Tips for Self-employed (http://www.jobforum.ca/showthread.php?t=1026)

Tsveta 11-02-2006 10:29 AM

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

lookingforjob 11-02-2006 12:23 PM

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.

Tsveta 11-13-2006 09:00 AM

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.

lana 11-15-2006 08:42 AM

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.

Paul 11-17-2006 09:12 AM

Keeping good records and a good accountant will do the trick. :)


All times are GMT -5. The time now is 04:28 PM.

Powered by vBulletin® Version 3.8.8
Copyright ©2000 - 2024, vBulletin Solutions, Inc.