self-employed
Loopholes Tagged "self-employed"
Plain-English guides to Canadian legal rights and workarounds related to self-employed.
GST/HST Quick Method — Small Businesses Pay Less Tax by Keeping the Difference
The GST/HST Quick Method lets most small businesses remit a reduced flat percentage of their gross revenues to the CRA instead of tracking every input tax credit — and for many service businesses, the amount remitted is less than the GST/HST collected, so the business keeps the difference as profit.
GST/HST Small Supplier Threshold — Delay Registration Until You Actually Cross the Line
Small suppliers generally do not have to register for GST/HST until taxable revenues exceed the threshold.
Home Office and Vehicle Deductions for the Self-Employed
Self-employed Canadians (sole proprietors and partners) can deduct a proportional share of home expenses — rent, utilities, mortgage interest, property taxes, maintenance — plus business vehicle costs against their business income, reducing their taxable income by thousands of dollars annually.