Best Tax Preparation Services in York, ON

*Audit-proof your side hustle* The freedom of self-employment comes with the burden of calculating what you owe in taxes and other payments to the CRA, and knowing when you need to remit them. Here’s a guide. If you have joined the ranks of the self-employed, you’re in good company: According to Statistics Canada, 2.9 million Canadians run their own business. That’s 15% of the population, and the number is growing. Don’t forget, though, that with your new status comes a new relationship with the Canada Revenue Agency (CRA). To make it a happy one, you’ll need to keep good records, and you should be ready to make a number of periodic remittances throughout the year. From GST/HST to payroll remittances for staff (such as Canada Pension Plan (CPP) contributions and Employment Insurance (EI) premiums), to your own income tax payments, the burden of proof is always on you to self-assess what’s owing—and do so with precision. Here is a primer on your responsibilities. -File on time -Your burden of proof -Paying family members -Employee or subcontractor -Control/independence. -Mixed-use expenses -Claiming assets -Business losses Having a relationship with a qualified bookkeeping and tax specialist is very important when you are a small business owner. It will help you get better after-tax results throughout your journey, and it will help you stay out of potentially expensive audits from CRA as well. If you have any questions. Give us a call now!