SELF EMPLOYED INCOME VS EXPENSES: –
Self Employed Income: – Real Estate, Mortgage Specialists, Uber, Taxi Income & Many More…
Self Employed Expenses: –
- Advertising
- Meal & Entertainment
- Bad Debts
- Insurance
- Interest & Bank Charges
- Business Taxes, licenses & Memberships
- Office expenses
- Office Stationary
- Professional fees
- Management & administration fees
- Rent
- Repair & Maintenance
- Salaries & Wages
- Property Taxes
- Travel expenses
- Utilities
- Fuel costs
- Delivery, Freight & Express
- Motor Vehicle expenses
- CCA Claim
- Calculation of Business-use-of home Expenses
- Any other expenses the businessman has done to run the Business
Filing Deadline for Self-Employed Individuals
The CRA requires self-employed individuals to submit their income tax returns by June 15 of each year, and if that date falls on a Sunday or a holiday, the due date is extended to the following business day. For example, in 2017, June 15 was on a Sunday, so self-employed individuals had until Monday, June 16 to submit their income tax returns.
Late returns are subject to a late filing penalty, but interest begins to accrue on the balance even before the due date.
Due Date for Tax Payments
Although your payments are not considered late until after June 15, the CRA applies interest on any amounts that you owe starting on April 30, regardless of when they receive your return.