Self-Employed? Know What Your Obligations Are at Tax Time

  • self-employment, self-employed, income, income tax, tax

Did you know?

As a self-employed individual, you and your spouse or common-law partner have until midnight on Wednesday, June 15, 2017, to file your 2015 income tax and benefit returns. Any balance owing for 2016 must be paid by April 30, 2017. However, as this date is a Sunday, the Canada Revenue Agency (CRA) will consider your payment to be made on time if the CRA receives your submission or it is postmarked by midnight on May 1, 2017. A late-filing penalty on amounts owing may apply to returns received after the June 15 deadline.

Important facts

  • If you earned self-employment income from a business you operate yourself or with a partner, you have to report that income.
  • If you own a business or are engaged in a commercial activity, keep thorough records. Your records have to give enough detail to determine the tax you owe and support any benefits you are claiming, and they must be supported by original documents.
  • If you receive income that has no tax withheld, or does not have enough tax withheld for more than one year, you may have to pay tax by instalments. This can happen if you receive rental, investment, or self-employment income, certain pension payments, or income from more than one job.

If you would like more information about credits and deductions that can benefit you or your family, feel free to contact GB Pilley & Associates Ltd., Chartered Professional Accountants at 604 926 3522.

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