As a self-employed individual, it’s crucial to understand how much tax you owe and which forms you need to file with the Canada Revenue Agency (CRA). Preparing for tax season year-round by keeping detailed records of your income, expenses, and tax deductions is key to managing your taxes effectively.
Once you begin offering goods or services for money without an employer, the federal government of Canada classifies you as a sole proprietor. From that point, you're responsible for reporting all your income and filing taxes with the CRA, with your earnings included on your Personal Tax Return (T1).
Why Choose Sandford Accounting for Your Self-Employed Business?
Managing a self-employed business requires significant time and dedication. At Sandford Accounting Professional Corporation, we handle your personal taxes, HST returns, and help you maintain accurate financial records. We use the latest accounting software and online management tools to streamline the process and ensure everything is done correctly.
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