All Questions
Tagged with canada self-employment
32
questions
3
votes
1
answer
112
views
How do I properly lend personal money to my own company in Quebec?
I want to finance my company with my personal money (to buy some stuff).
What is the best way to do that in an accounting point of view?
- 141
4
votes
1
answer
204
views
Changing "Tax Deduction at Source" to "Zero" - How to request your employer not to hold your taxes?
In Canada/Ontario, in both cases of permanent and contract employment, is it possible that I request my employer that they pay me my full before-tax salary and I pay the tax at the end of the year ...
- 143
1
vote
1
answer
465
views
Is it possible to get a mortgage without income verification in Canada?
For someone who has some sizeable savings but who reported very low income for the past year, is it possible to get approved for a mortgage with, say, 35% down?
In a situation when one has to pay $...
- 227
1
vote
1
answer
245
views
Self-employed: claim CPP for self on Line 9060 of T2125?
In Canada, self-employed individuals have to contribute more to the Canada Pension Plan (CPP): we have to pay both the employee and employer amount. Whereas employees just pay their employee amount ...
- 316
2
votes
0
answers
172
views
Stop filing federal annual return (Canada)
I incorporated my company several years ago and since then I've been filing both my provincial and federal annual returns (pay $20 and confirm info). According to many sources, having the federal ...
- 101
2
votes
0
answers
113
views
Do I have to pay into Canada Pension Plan (CPP) as part time contractor?
I have a fulltime job with a company but in my spare time I do some contractor work for a few clients I gathered overtime. I understand that I have to pay income tax at the end of the year over my ...
- 21
1
vote
0
answers
41
views
W8 question - regarding contract work in the US
I'm Canadian and used to work in the US randomly on visa. Now I reside full time in Canada and am doing some contract work in the US. They have asked me to complete a W9 but I do not have a visa ...
- 11
1
vote
3
answers
1k
views
Paying salary to a shareholder when the business has no revenue
I'm trying to learn about financial statements and taxes in Canada. And I'm curious if I understood something correctly when a business has zero revenue, but still pays the sole share holder a salary....
- 839
2
votes
1
answer
126
views
Canada: Taxes for income generated from pre-immigration work
I called the CRA many times regarding my question but I wasn't able to get an answer and they kept redirecting me to different people and departments.
I am now a PR in Canada, Before coming to this ...
- 23
5
votes
2
answers
322
views
Is DIY car repair work deductible in any way when self-employed?
I am self-employed and I am proficient at repairing vehicles. I use my vehicle exclusively for work: my customers ask me to drive to one of their customer's location and I provide a service on site. I ...
- 51
1
vote
1
answer
155
views
How to report Canadian income from a small contract job?
Aside from being a student in 2016, I was also was hired as a contractor to write a technical report. I recognize that this would be considered 'self-employment', but how do I report this income (I am ...
- 111
1
vote
1
answer
113
views
How should I file my taxes as a contractor?
For background, I'm an Ontario, Canada resident, and I've worked here during all of FY2016.
For the first time, in addition to mostly doing full-time work as an employee of a company, I did just over ...
- 191
2
votes
2
answers
908
views
Do I have to pay tax on money I earn as a tutor?
I am a high school math tutor in Canada and make about ten grand a year from it. I am wondering how to pay tax on this as i do not have an employer. I am payed in cash so there is no digital record of ...
- 21
3
votes
1
answer
272
views
Exemption of foreign self-employment income for dual-status tax year
Here's my timeline:
Canadian citizen, by birth, moved to US in 2003.
Living in US, granted greencard from June, 2011.
Returned to Canada in December, 2013 (permanently)
Relinquished Greencard, May ...
- 131
5
votes
1
answer
136
views
How does revenue shared with someone else go into my tax return in Canada?
I'm contracting to publish a game for someone on Apple's App Store. I will take 15% of the revenue, he gets 85%.
But Apple will report the full amount to the government. Let's say for example this ...
- 255
1
vote
1
answer
3k
views
How much in CPP contributions do you pay when you are an independent contractor?
I am trying to figure out how much CPP contributions an IT contractor needs to make as per this CRA guide. It says that for self-employed people, we need to contribute $4959?
So, if an independent ...
- 16k
3
votes
1
answer
110
views
Can I write off (deduct) expenses in a period where my corporation makes no money?
Let us say I have a small corporation in Ontario, Canada and I am an IT contractor through the corporation.
There is a one month gap between contracts, which means I don't earn anything in that time....
- 16k
2
votes
2
answers
94
views
How to choose a year end date for your Ontario small business corporation?
While opening a small business corporation in Ontario, how do you select a proper year end date? Is it a random date ?
Or are there guidelines to it?
- 16k
4
votes
1
answer
5k
views
Candian citizen working for USA company staying in Canada
I am a Canadian citizen. What legalities do I need to follow if I take up a full time remote job offer from a company in USA? Also, how does the answer change if the job offer is in USA (remote) but i ...
- 16k
1
vote
1
answer
124
views
What suggested supplemental income opportunities exist for a 70 year old Canadian retiree?
This is similar to the question "Extra revenue for retiree receiving a basic public pension", but focusing not on whether, but what.
I am wondering what forms of supplemental income (jobs/gigs) would ...
- 497
2
votes
1
answer
442
views
How much should I charge a U.S. company for IT work I'll do remotely from Canada?
I'm currently living in Canada. I have very nice job and I'm happy with it. My previous company in the U.S. contacted me and they want to hire me as a 1099 (independent contractor) working remotely.
...
- 121
0
votes
1
answer
823
views
How do I charge GST & QST for my freelancing?
I'm based in Quebec and intend to offer freelance marketing consulting services. I intend to find clients from online freelancing websites such as Odesk. This means my clients could be from outside of ...
- 1
4
votes
1
answer
2k
views
Do I need to register as self employed in Ontario, Canada?
I am moving from UK, where I am registered as self employed under my own name, to Ontario, Canada. In Canada I will be both employed in a full time job and self employed, making a small amount of ...
- 41
3
votes
3
answers
542
views
Getting financial advice: Accountant vs. Investment Adviser vs. Internet/self-taught?
Previously, I was a simple case: I earned a salary, and I paid taxes. Therefore, I've been filing my own tax returns using online software.
Now: + wife, + kid, + mortgage, + want to contribute to ...
- 319
0
votes
1
answer
2k
views
Can I connect a PayPal account to a business bank account instead of a personal bank account?
If I write online content and get paid through my PayPal account, and if the PayPal account is connected to my business bank account, does my income automatically become my corporation's income?
...
- 16k
8
votes
1
answer
7k
views
How to pay myself as a single person corporation in Ontario? Should I get an accountant?
I'm an IT contractor and required in some of my contracts to have a corporation. I created my corporation, opened a corporate account and have been collecting income for about 6 months now...
... I ...
- 275
5
votes
1
answer
2k
views
What evidence do I need to declare tutoring income on my income tax?
What evidence do I need to declare tutoring income on the Canadian federal income tax form?
I am doing tutoring with students and want to declare it.
Can I make copies of the checks I receive?
- 175
3
votes
1
answer
458
views
If I pay taxes on my earnings, would someone also pay taxes on the same earnings if I subcontract them and pay a share?
Forgive the confusing title, but it was the best way that I could explain the following situation briefly.
I currently have some contracts for doing IT works with various companies. They pay me as ...
- 380
7
votes
2
answers
529
views
I may earn a lot of cash soon through self-employment on a lucrative project. How to handle the tax?
I'm in Canada, and am young and don't know anything about finance.
I've been working part-time as a software consultant for a friend who's starting a marketing company. He recently landed a job with ...
- 173
2
votes
1
answer
555
views
Self-employed: Is the HST portion of my invoice to be included in my taxable income?
I am self-employed and charge and receive HST. I file an HST return so any monies are returned to the government. Is the HST portion of my invoice to be included in my taxable income?
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