It's extremely important to stay on top of taxes when you're self-employed. We've put together a simple list of important tax deadlines 2017 for the self-employed.
The tax season doesn't stop on April 30 when you're self-employed. There are multiple dates to pay attention to. Here are the dates you should mark on your calendar.
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GST stands for Goods and Services Tax. This federal tax applies to most goods and services. HST stands for Harmonized Sales Tax. This applies to those in provinces that combined their sales tax with the GST. You'll pay the GST/HST on most services and goods You may have to register for GST/HST if you're self-employed. In general, you'll have to if you're a sole proprietor whose total taxable revenue exceeds $30,000 annually. Some businesses like tax operators must register for the GST/HST no matter what. You don't have to register for the GST/HST if you qualify as a small supplier. The CRA defines a small supplier on its website.
You can reduce your tax bill by deducting your business expenses. Your income tax is based on your revenue minus your deductible business expenses. So, the more you can deduct, the less you'll pay in taxes. One of the best ways to reduce your taxable income is by claiming mileage on your taxes. Think about it: you're often driving for your work, so you might as well take advantage of what the CRA offers. Whether it's your mileage or other business expenses, make sure you keep proper records. Otherwise, you may be staring at a CRA audit.