Self-Employed
No Employer?
No Automatic Tax Deductions!
When you're self-employed, you miss out on automatic tax deductions from your income. That means you need to make periodic tax payments yourself. But don’t worry! You can also deduct business expenses to help you manage your taxes.
If you're self-employed, it's a smart move to seek professional advice.
Let the experts handle your taxes while you focus on what you do best—growing your business!
Smart Tax Strategies for Self-Employed in Canada
Maximize Your Deductions:
As a self-employed individual, you can take advantage of additional deductions for business-related expenses.
Claim Your Expenses:
If you have a home office or travel for client meetings, you can reduce your overall tax bill by claiming those expenses.
Use Form T2125:
This form helps you calculate your gross income, claim deductions, and enhance your tax situation.
Get started with Toronto Tax Boutique in 3 simple steps:
Fill Out Our Short Link:
Click Here To Receive The Tax Checklist Via Email.
Complete The Checklist:
Fill It Out To The Best Of Your Knowledge
Submit Your Documents:
Reply To The Same Email With The Completed Checklist And Attach All Supporting Documents.
Deductions And Must-Knows For Self-Employed Professionals:
IT Consultants:
Claim expenses like software subscriptions, hardware purchases, and internet costs that are essential for your work.
Realtors:
Don’t forget to deduct marketing expenses, client meeting meals, and vehicle costs related to property showings
Home Office Expenses:
If you work from home, you can deduct costs related to your home office, supplies, advertising, bank fees, and your cellphone.
Cpp Contributions:
If you're between 18 and 70 and your self-employment income exceeds $3,500, you’re responsible for contributing to CPP, which includes both your share and the employer's share.
Expert tax filing made simple, transparent, and stress-free. Get the refund you deserve with Toronto Tax Boutique!
Subscribe to get expert tax tips, refund maximization strategies, and exclusive updates—straight to your inbox!