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Ready to Talk Taxes? 5 Tips for 2019

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February.21.2019

The deadline for most individuals to file and pay their 2018 tax return April 30, 2019. Read on to learn five tips for self-employed individuals and attend the next Business Growth Tools session to learn tax benefits of growing your business. 

  1. For those who are self-employed, the deadline to file your tax return is June 15, 2019, however June 15 is a Saturday, so CRA will consider that you filed your return on time if it is received no later than June 17, 2019. Remember, you must pay any amount you owe by April 30, 2019.
  2. CRA has a number of e-services which makes the filing process easy and fast. You, your employee, or your representative can file, pay, and access detailed information about your tax accounts online through your My Business Account and My Account.
  3. You have to report your income from any business you run yourself or with a partner. Use form T2125, Statement of Business or Professional Activities, to report your business and professional income and expenses. This form helps  calculate your gross income and your net income (loss), which are required when you complete your General income and benefit return. For more information on how to fill out Form T2125, go to guide T4002, or use Square One’s Ask-an-Expert program to talk to an accountant.
  4. If you carry out a commercial activity, keep complete and detailed records. Your records must have enough information to calculate the tax you owe and to support any deduction or credit you claim. They also must be supported by original documents. Keep your supporting documents for six years. Even if you don’t have to attach certain supporting documents to your return or you are filing your return online, the CRA may ask you to prove your claims for deductions or credits.
  5. If you earn income that has no tax withheld or does not have enough tax withheld during the year, you may have to pay tax by instalments. This may happen if you have rental, investment, or self-employment income, if you receive certain pension payments, or if you have earned income from more than one source.

The post was developed with content from www.canada.ca/en/revenue-agency.

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