If you're self-employed, you have until June 15, 2025 to file your tax return. But remember, any balance owed must still be paid by April 30, 2025. If you have self-employment income, it's a good idea to prepare your tax return well before April 30 to calculate if you have a balance owed. This will help you avoid any

Everything from office supplies to vehicle costs can be written off, providing the expense is related to your business, you have the supporting documentation and the expense is reasonable.

It depends on your situation, but a good benchmark is to set aside 25% to 30% of your income earned to cover self-employed taxes including federal income tax, provincial income tax, and GST/HST sales tax.

CPP contributions from self-employment are based on the net income of your self-employment. You make contributions only on your annual earnings between minimum and maximum amounts. These are called your pensionable earnings. The minimum amount is frozen at $3,500. In 2022, the CPP earnings ceiling is $64,900. The self-employed contribution rate on these pensionable earnings is 11.4%. Self-employed workers do not have to pay EI premiums, unless you opt into the EI benefits for self-employed program.

Yes. You can be an employee and an independent contractor (i.e. self-employed) at the same time. It’s very common to have more than one job, or do a side hustle along with your full-time employment. To determine if you’re considered an employee or an independent contractor, it depends on the:

• Nature of the work relationship

• Level of control over who does the work

• Ownership of tools and equipment

• Opportunity of profit or risk of loss

Side gigs, freelance work, and contract payments are all forms of income that need to be reported on your self-employed tax return. If you’re carrying on some form of business activity, report it—even if you’re not profitable yet.

To file your GST/HST return you need to take care of some things first including:

• registering for your GST or HST number

• selecting an accounting method

• confirming the due dates for your return

To do the calculations for your GST/HST return you need the following info:

• Total sales and other revenue

• Total tax you’ve collected

• Total tax you’ve paid

• Any other credits or debits

This info helps you calculate if you owe money to the CRA or if you will receive a refund. To submit your GST/HST return to the CRA:

• You can file a paper return with the CRA. For this option, you need the GST34-2 filing information package.

• You can file online through GST/HST NETFILE or GST/HST TELEFILE. For this option, you’d need a GST/HST Access Code from the CRA.

If you choose to get your taxes done by a tax expert (through FYN iQ Live Full Service Self-Employed), they’ll do your GST/HST return at no additional cost.

These are two new service offerings for all of our Assist & Review products. Extended Expert Coverage means that you can chat with a tax expert any time during the year, even after filing. They'll help with things like: adjusting your return, understanding tax law changes, tax advice for life changes, and getting the best outcome next year.

Audit Coach means that in case of an audit, a tax expert will go over your review letter from the CRA or Revenu Québec, advise you on how to respond, and answer questions related to ReFILE.

Audit Coach is information only. We will not provide legal advice or represent you before the CRA or Revenu Québec, or prepare or review your response to the CRA or Revenu Québec.

Both services are available until December 2027.