Smart Solutions for the Tax Submissions

Being self-employed comes with a lot of learning, taxes being one of many. Join our webinar to learn how to properly report your income, and claim the business deductions you qualify for.

 Be organized

In addition to the usual documents, such as child care receipts, tuition and other statements, self-employed individuals also need information about their business. To make tax preparation easier, start by putting together everything you need before you start. With the Income tax Consultant Watson this is essential

Your personal information, that of your spouse and dependents

You will need the Social Insurance Number, date of birth, and other information, such as net income, to claim certain credits for your family.

Leaflets and receipts that are not related to the business. If you have a regular job, find your T4 slip. If you pay childcare fees to work outside or to work for your business, add up your total receipts for the year. Medical expenses and other expenses that we tend to forget. Contact your dentist, pharmacist or other health professional and ask them for an annual statement of last year's fees for all members of your family. For the Income tax Consultant Watson now it perfectly comes up.

Last year's statement 

•    There is nothing better than basing ourselves on last year's statement to prepare this year's statement.

•    Company related information. Calculate all your income. Count your expenses by categories.

•    If you paid installments, consider these amounts as well.

•    If you are registered for the GST and HST, you will need your Business Number and a copy of your GST / HST return.

Tip: Prepare your GST / HST return before your tax return. You will need the amounts from the GST / HST return to prepare your tax return.

Find out what you can deduce

This advice is particularly important for new registrants. Essentially, any reasonable expenses incurred for business purposes can be deducted when you file your taxes.

And do not forget about out-of-pocket expenses like office supplies and bank charges. These costs add up! It is important to add these amounts for two reasons. Accounting for any expense gives you a better picture of your company's financial health. . After adding all your operating costs and revenues, you'll know how profitable your business was last year.