Self-employment can be a liberating experience, allowing individuals to pursue their passions and work on their own terms. However, it also comes with unique challenges, particularly when it comes to taxes. As a self-employed individual, you are responsible for reporting your income and expenses to the government, which can be a complex and time-consuming process. In this article, we will provide an overview of general self-employment and taxes, including the benefits and drawbacks of self-employment, tax obligations, and tips for navigating the tax system.
Benefits of Self-Employment
Self-employment offers many benefits,...
Introduction to CRA Direct Deposit
The Canadian tax authority offers a convenient way to receive funds directly into your bank account or credit union account...
Understanding RRSP Contributions
Your RRSP (Registered Retirement Savings Plan) room is calculated as 18% of your earned income from the previous year, up to a...
Self-employment can be a liberating experience, offering the freedom to pursue your passions and work on your own terms. However, this freedom often comes...
Introduction to RESPs
If you've opened a Registered Education Savings Plan (RESP) for your child or children, you're already taking a great step towards saving...
Self-employment has become an increasingly popular career choice for many individuals. With the rise of the gig economy and advancements in technology, it's easier...
Investing in Real Estate for Retirement
Real estate can be a great investment option for retirement, as it tends to provide predictable income and increases...