CRA – Self-Employed Tax Filing Tips

Self-employed? Make dollars and sense of your income tax return!

When you use part of your home for business, you can deduct part of your maintenance costs such as heat, home insurance, electricity, cleaning materials, and more. If you rent your home, you can deduct part of your rent and any expenses for your workspace.

Tips for easy filing:

  • Keep complete and organized records.
  • Record all income and expenses.
  • Keep your business and personal records separate (you can only deduct business-related expenses).

Filing Deadline: Self-employed taxes are due June 15, 2015. However, if you have a balance owing for 2014, you still have to pay it on or before April 30, 2015

Electronic filing with NETFILE: Many software and web applications are free.

Other resources available from the CRA:

  • Remember instalment payments, returns, remittances, and other tax-related business matters with Business Tax Reminders app – available free of charge on Apple iOS, Google Android, and Blackberry mobile platforms.
  • Keep good records with these tips.
  • Determine if  you need a GST account – Even if you don’t have to, you may benefit from registering so you can claim input tax credits on the GST/HST paid on your business purchases and expenses.
  • Pay taxes owing – If you have tax owing, or have to pay tax by instalment, take advantage of pre-authorized debit (PAD) to set up your payments in advance.
  • Access My Business Account – Stay up-to-date with your accunt.
  • Access videos for small business.

If you still need help with filing your taxes for your home business, you can call 1-800-959-5525 to speak with a CRA agent or see the small business section of the CRA website.

Don’t miss the latest CRA news or tax tips—follow the CRA on Twitter: @CanRevAgency

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