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As a Self-Employed, it is necessary to prepare for tax season throughout the year. GTA Accounting can help you stay organized and up to date on all your financials.

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GTA Accounting is a highly rated CPA Firm in Toronto

With over 200 5-star reviews on Google, GTA Accounting has also won awards on Clutch 2 years in a row, featured in the Toronto Star and is one of the Best Companies for 2022 on "ThreeBest Rated".

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Self-Employed Taxes

It is important to figure out how much tax a Self-Employed owes and which tax forms are required to be filed with CRA. As a Self-Employed, it is necessary to prepare for tax season throughout the year by keeping a detailed logs of income, expenses and tax deductions.

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things you need to look into as a self-employed person

The moment you start trading goods or services for money without an employer, the federal government of Canada considers you a sole proprietor. That is the point where you are required to report all your income and file your own taxes with CRA. The income will be reported as part of your personal income on your Personal Tax Return (T1).

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As self-employed, your business income and your personal income are one and the same. There is no separate income tax rate for the income that you make from your self-employed business. Apart from the income tax, self-employed individuals also need to make Canadian Pension Plan (CPP) contributions and have the option to make Employment Insurance (EI) contributions as well. So, the total of their tax obligations would be Income Tax plus CPP and/or EI.

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When you file your taxes as Self-Employed, all your business income will be treated as personal income and that will be reported on your personal income tax return i.e. Form T2125 (Statement of Business or Professional Activities) will be used to report all deductible business expenses. Lastly, you need to know how much revenue you earned from each client and in total, so you should expect to have T4A Slips from every client that you worked with during the year.

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If your business income exceeds $30,000, you need to get HST Number and start collecting HST on your sales income. Once you get an HST Number, the CRA sets you up with a payment plan and you are required to remit the HST after making an input tax adjustment to the CRA.

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Why hire GTA Accounting For your Self-employed business?

Being self-employed and managing your business alone requires a great deal of effort and commitment. In GTA Accounting, we will take care of your personal taxes, HST returns and also facilitate you in maintaining your financial records appropriately. GTA Accounting has also equipped themselves with different accounting software and online management tools.

You can put the accounting and tax burden on the shoulders of our Chartered Professional Accountant. They will take care of your taxes and save your precious money that could have ended-up in CRA pocket.

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Meet Our CPA

Nathan Kazmierski cpa toronto

Nathan Kazmierski, CPA

Tax & Assurance Partner

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Sukhdeep Thind, CPA, GTA Acclunting

Sukhdeep Thind, CPA,

Auditing, External CFO

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Sohail Afzal, CPA,

Tax Accounting Partner

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Our Locations

Suite #504 - 260 Spadina Ave.,
Toronto, ON M5T 2E4
Unit 501 – 250 Consumers Rd,
North York M2J 4V6
Unit 101, 1056 Wilson Ave,
North York, ON M3K 1G6
5770 Hurontario St Unit 102,
Mississauga, ON L5R 3G5