Tax Tip - Are you self-employed? The Canada Revenue Agency can help you understand your tax obligations
OTTAWA, ON, April 11, 2024 /CNW/ - If you're self-employed, navigating your tax obligations may seem complicated. But don't worry, the Canada Revenue Agency (CRA) is here to help you! To get ready for tax-filing season, we've put together helpful tips and information for self-employed individuals.
The 2023 tax-filing deadline for self-employed individuals is June 15, 2024
We encourage Canadians to file their taxes as soon as possible, not only this year but every year. You have until June 15, 2024, to file your 2023 tax return if you or your spouse, or common-law partner, are self-employed. Since June 15, 2024 falls on a Saturday, you will be considered to have filed on time if we receive your return on or before June 17, 2024.
The 2023 payment deadline is April 30, 2024
Although your 2023 tax-filing deadline is June 15, 2024, your payment is still due on April 30, 2024.
If you cannot pay your balance owing, we can work with you on a payment arrangement or a pre-authorized debit (PAD) agreement. Payment arrangement options have been expanded to reflect current realities. The Payment Arrangement Calculator has also been added to My Account and My Business Account. This self-service tool allows you to submit a payment arrangement without having to contact the CRA. If the proposed payment arrangement does not meet the CRA payment policy, a CRA officer will contact you to complete an acceptable arrangement.
Liaison Officer service
We offer a free Liaison Officer service to owners of small businesses and self-employed individuals to help you understand your business tax obligations. A meeting with a Liaison Officer is 100% confidential; the information you choose to discuss with a Liaison Officer will not be shared with other areas of the CRA, or anyone else.
Sign up for direct deposit and file online to get your refund faster! If you file online and have direct deposit, you can receive your refund in as little as eight business days!
Using the CRA's digital services is the fastest and easiest way to view and manage your tax and benefit information. We encourage you to register for My Account and My Business Account before filing your return, and have all your tax information for filing your return on hand.
The CRA's Get ready to do your taxes page has information on online filing, deadlines, and other helpful links.
Payments
If you need to make a payment to the CRA, there are online options that are faster, easier, and more secure than mailing a cheque:
using your financial institution's online banking, mobile app, or telephone service
using the CRA's pre-authorized debit service offered through My Account, which lets you:
set up payment(s) to the CRA from a chequing account on pre-set date(s)
through the CRA's My Payment service, which lets you make payments online directly to the CRA (does not include credit cards). You can use this service if you have an activated debit card from a participating Canadian financial institution with one or more of the following logos: Visa® Debit, Debit MasterCard® or Interac®
If you still wish to make a payment in person, you can pay:
at any Canada Post outlet, for a fee, using cash or a debit card, along with a Quick-Response (QR) code that you can generate using My Account or directly through the third-party service provider, PaySimply, that Canada Post uses to process the payments
Before filing your tax return, make sure you are aware of the benefits, credits and requirements that apply to you.
To learn more about filing your income tax and benefit return, check out Taxes and benefits for Indigenous Peoples. This page outlines options to make it easier to file a tax return and get your benefits and credits.
In Canada, generally a self-employed individual must register for GST/HST if their revenue (along with the revenue of all associated persons) from worldwide taxable supplies is more than $30,000 in one calendar quarter or over the last four consecutive calendar quarters. See small businesses and self-employed income for more information on this and for situations where this may not be applicable.
If you use an online platform or app to earn income, you may be considered self-employed. For more information, visit Taxes and the platform economy
If you own a business or engage in commercial activities, keep thorough records. Your records must have enough information so you can figure out the tax you owe and are able to support your income and expense claims, as well as any deductions or credits you claim. Your records have to be supported by original documents. Electronic versions of these documents are acceptable.
In case the CRA reviews your return, keep your documents even if you don't have to attach certain supporting documents to your return or you are filing online. The CRA may ask you to prove your claims for deductions or credits with documents like cancelled cheques or bank statements.
the date your return was filed (if you did not file your return on time)
If you earn income that has no tax withheld, or does not have enough tax withheld during the year, you might have to pay tax by instalments. This may happen if you:
have rental, investment, or self-employment income
Building on their successful partnership, INVNT GROUP and MSM (Media & Sport Management) enhance service offerings and commercial solutions tailored for talent and brands within the booming motorsports industry. INVNT GROUP, the global brand...
Driven Brands Holdings Inc. ("Driven Brands" or the "Company") today reported financial results for the first quarter ending March 30, 2024.
For the first quarter, Driven Brands delivered revenue of $572 million, up 2% versus the prior year....
Baxter International Inc. , a global medtech leader, today reported results for the first quarter of 2024.
"Baxter's results in the first quarter reflect the company's solid operational performance, fueled by the benefits being realized from our...
Rimini Street, Inc. , a global provider of end-to-end enterprise software support, products and services, the leading third-party support provider for Oracle and SAP software, and a Salesforce and AWS partner, today announced results for the fiscal...
Kodiak Gas Services, Inc. , ("Kodiak" or the "Company"), a leading provider of critical energy infrastructure and contract compression services, today announced that its board of directors has declared a cash dividend of $0.38 per share of common...
SAG-AFTRA, the American labor union that represents more than 160,000 professionals in the media and entertainment industries and Nielsen, a global leader in audience measurement, data and analytics, today announced that the union has selected...