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Tax Reminders for the Self-Employedin Tax Advice Information and Updates
· You have to report your income from any business you run yourself or with a partner. Business income that must be reported includes money you earn from a profession, trade, manufacture or undertaking of any kind you carry on for profit (and there is evidence to support that intention). If you fail to report all your income, CRA may subject you to a penalty of 10% of the amount of income you did not report.
· It is important to keep complete and detailed records. Your records must be detailed enough to calculate the tax you owe and to support any deduction or credit you are claiming.
· You must keep your supporting documents for 6 years after the end of the tax year to which they relate. It is important to keep these records in good condition in case the CRA wants to review your return and need these supporting documents.
· If in case you get income that has not enough or no income tax withheld during the year, you may have to pay tax by installments.
· As a self-employed person, you or your spouse or common-law partner must file your 2016 income tax returns on or before June 15, 2017, Thursday. But if you owe taxes, you should have paid the amount last May 1st, 2017.
Are you self-employed and need help with your taxes? Let KD help you! Contact us today!