Tax Reminders for the Self-Employed

by in Tax Advice Information and Updates
Tax Reminders for the Self-Employed
Here are some important reminders for the self-employed individuals.

·         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!

Rate this blog entry:
KD PROFESSIONAL is a group of interconnected companies offering a wide range of financial, accounting and tax services to individuals and businesses across Canada.

Through our experienced staff and strategic alliances, we provide exemplary service and solutions to maximize your cash flow, while preserving Wealth.


  • No comments made yet. Be the first to submit a comment

Leave your comment

Guest Friday, 25 May 2018

If you have a question about one of our products or services, please do not hesitate to contact us!
Please Enter Your Name
Please Enter A Valid Email
Please Enter Your Phone Number
Please select your preferred method of contact.
Refresh Please letters shown!

KD Professional Services
Monday-Friday 9am- 5pm
102, 221 18th Street SE
Calgary, AB, T2E 6J5


Read our Tweets