Canadian Self-Employed Taxes Explained 2023

Canadian Self-Employed Taxes Explained



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Hey guys, welcome to the channel I'm a full time Chartered Accountant as well as a part time Real Estate agent with a background in finance, investing, budgeting and of course, real estate.

I've been on a personal mission for the last 10 years to build multiple streams of income, including both passive and active income. On this journey, I've gained a ton of domain knowledge about personal finance and investments that I would love to share.

My goal for this channel is to help you understand basic taxes, personal finance, investing, budgeting and expense management.

[vkrgfan]

Can you make the video about subcontractors, who are technically self-employed but aren't being paid by customers but are hired to do certain tasks by other contractors?

[baileybeeee]

thank you, super helpful! i can't help but think your background looks like liberty village lol

[VanillaAttila]

An important point if you ever want EI or Maternity leave you need to register for special benefits and pay premiums that way. You can't put yourself on payroll, if you do, you'll be paying employee and employer premiums but you will never be approved if you actually want to take mat leave. This just happened to my wife. She was denied and no mat leave. Expensive mistake. Special benefits have a 12 month activation period after paying into it. Now it will be a hassle to get the cpp, oas and ei back from CRA and start over which means less pension when she retires too.

[azlalsabir]

Can you please do a video on Incorporation as well? Also, a video on how to make payroll to pay yourself from your business.

[mushymush]

Might go against the point of your channel, but can you make a video that gives tips on finding a good accountant?

Will definitely be looking into your course later this year, but at some level, I don't want to have to deal with filing taxes myself, and I have no idea how to look for an accountant who fits my needs. I will like have business income next year so taxes won't be as simple as they are with a regular fulltime job.

[VanillaAttila]

Pro-tip: If your office is 10% of your home but if you have 4 rooms total then you can say it's 1/4 rooms and claim 25%.

[dovesofwar]

I just started as a self contractor installing drywall. It’s not a business per se, I’m just a self employed labourer who invoices after each installation. No materials other than tools are purchased as they are provided, and gas is my only other expense.
I am paid with an e transfer each week through a friend who gets the work for me. There are no taxes taken off. How do I start taxing myself?

[vicgill]

Awesome. Important topic. Asset allocation and taxes are two biggest factors affecting a given portfolio’s portfolio performance

[VanillaAttila]

Claiming meals are a common reason for triggering audits. Just a heads up

[CakefectionsMTL]

I have a full time job and i have a cake business. I have an home office where i work remotely (for my job) and work on my side hustle. How would i calculate that in terms of percentage?

1 room
1 desk/chair
Room is used completely to support my work income and self employed income.

[nancyelizabeth]

Can you make a video how to declare being a commission self employed for a hair salon company not your own

[DavidBerg-kkny]

My small business income is $200, 000 and I collected roughly $26, 000 in HST. How much would I need to pay in taxes and HST

[gin.hollan]

This is kind of niche, but I think an important topic - would you be willing to do a video for Canadian writers and artists as self-employed people at tax time?

[kamkamrouz]

Thanks for the video Bassem, something that was missed and I was curious to know was how a self-employed registered a payroll account can issue T4 for his employee helper and where does this expense go in his tax return?

[dammar]

Just to be sure, if I have a FT job that is contributing my max CPP, I don't need to contribute CPP as an employer for my business? My FT employer is already contributing the full ER amount?

I ask, because people who have two employers, these two employers contribute separately, thus resulting in ER over-contributions that neither gets back.

In other words, as a business, I wouldn't be required to over-contribute the ER portion?

[tatyanaandidi]

I have started to work as an independent contractor last year in June, however due to health issues now I am outside of the country till roughly the end of 2024. I used my name to bill my only customer but I was told I need to register now as non- resident since I left Canada in Sept of last year. Can I still use T2125 or there is another form to use? Thank u

[Chaymaa]

Thank you for this great video! how can I know the different applicable % for contractors and self proprietorship?

[TiffanyAlexis]

Soooo helpful! I actually didn’t know about the EI opt in - seems pointless for biz owners right (unless a biz fails maybe?) Currently don’t have it.

[rsunamita]

thanks Bassem . I have a registered business with gst hst # and my husband works with me, I pay him with cheques.
does he needs to register for gst hst as well?/I paid him more than 30 thousand

[philc]

I am about to pick my accounting software for my sole-proprietor business. I am leaning towards Xero. Any thoughts ? I am not selling on line, I will provide the service, customer will pay on the spot with POS machine.