Finance
A Beginner’s Guide to Self-Employed Taxes Under Canadian Law
Global Banking & Finance Review®
Company
In 2021, there were 2.7 million self-employed individuals in Canada. Meanwhile, gig workers, or those who operate as independent contractors and freelancers, currently stand at 8.75 million. This alternative workforce experiences greater independence.
Navigating the Canadian tax legal system as a self-employed worker can be daunting without proper guidance. This article aims to guide beginners on self-employed taxes. However, it’s worth pointing out that working with Faris CPA is still the most proactive way to accurately deal with and minimize your tax obligations as a self-employed person.
Hiring a tax professional can make the process less stressful. All you need to do is secure the forms, receipts, and other relevant documentation. You can also utilize the free support provided by the CRA through its Liason Officer service to understand your tax obligations better.
Self-employment refers to working for oneself rather than for an employer. Self-employed individuals run their own businesses or work as freelancers.
A tax professional is an expert in tax law and regulations who assists individuals and businesses in preparing and filing their taxes.
Tax software is a program designed to help individuals and businesses prepare and file their tax returns efficiently and accurately.
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