Self-Employed Tax Services in Scarborough

Expert Tax Services for Self-Employed Professionals.

You are deemed self-employed when you are your own boss! In Canada, self employed taxes and personal income tax returns are filed together, and you must pay income taxes based on the net income. Kennedy Tax and Accounting prepares self-employed tax returns for sole proprietors, freelancers and contractors. We are always here to support your taxes with our careful preparation and confidentiality.

Benefits Of Self-Employed Tax Services In Canada

• Expertise and Knowledge: Tax accountants for self-employed taxes have extensive knowledge of tax laws and regulations. They can provide guidance on how to maximize deductions and credits, identify potential red flags, and ensure compliance with tax laws which will benefit small business taxes in Canada.
• Time Savings: For small business taxes in Canada, self-employed individuals often have a lot on their plate. By using tax services, they can save time by outsourcing the tax-related time-consuming task to a professional. This frees up time for self-employed individuals to focus on other aspects of their business.
• Avoidance of Penalties and Interest Charges: Tax accountants for self-employed individuals can ensure that tax returns are filed on time and accurately to avoid these charges. It will be beneficial for small business taxes in Canada as they will be able to avoid more money being taken away from the business.
• Improved Accuracy: Self-employed tax services in Canada use specialized software and tools to ensure that tax returns are accurate and complete. This reduces the risk of mistakes, which could lead to penalties or audits.
• Peace of Mind: By using self-employed tax services in Canada, you can be sure that your tax obligations are being taken care of by professionals who have your best interests in mind.

Our Self-Employed Tax Service Includes:

• Planning to minimize your taxes.
• Multiyear tax or small business tax returns maximum 10 years.
• To save your time, we offer documents pick up services from your office. As a business owner, we explain all areas of expenses that are claimable as self-employed according to the Income Tax Act (ITA).

How a self-employed return is handled here

You are self-employed when you are your own boss. In Canada that business income is filed with the personal return, and tax is calculated on the net income. The firm plans the return, can go back up to 10 years, and can pick documents up from your office. Claimable expenses are explained under the Income Tax Act. Bring bank statements, income records and expense invoices. If a vehicle is used for the work, keep fuel, repairs, and lease papers if you lease. Most individuals file by April 30. Self-employed people and their spouses file by June 15, but a balance owing is still due April 30. Uber, Lyft and delivery work is described on the driver tax page. The longer Toronto page is self-employed tax services in Toronto.

Kennedy Tax & Accounting Inc. works from one Scarborough office near Kennedy Station. You can come in or send the documents. English, Bengali and Tamil are spoken. Manoranjan (Mano) Talukder, CPA, leads the firm, which has done this work since 2010. Personal income tax returns start at $49.99 + HST. Other work is quoted before it starts.

Book from the contact page. If the CRA writes after a return is filed, bring that letter in. The firm explains how the return was prepared.

Who this return is for

Contractors, freelancers, consultants, trades and people whose income arrives from an app rather than a T4. Uber, Lyft and delivery have their own page because the FAQ named a specific package for them: the platform summary, the access code, the HST period, and the hard copies Lyft or Uber Eats sent. Everyone else on this page brings bank statements, income records and the expense invoices. A car used for the work needs fuel, repairs, maintenance and lease papers if you lease.

The firm will say which of those costs can be claimed under the Income Tax Act. It will not drop a receipt onto the return that you cannot explain. Planning, on the original include list, means that conversation happens before the return is filed, not as a slogan. Up to 10 years can be prepared. Documents can be picked up from your office.

June 15 is the filing date when you or your spouse are self-employed. Any balance owing is still due at the April date. A simple personal return with only T4s is a different job and starts at $49.99 + HST. A year with a business statement is quoted. The longer city page is the Toronto self-employed landing. HST registration, if your taxable supplies have crossed $30,000 or you drive for a ride-share platform, is the HST service.

Label the invoices by month before you send them. Income and expenses that fall in different years are not put on the same return. If you also have a T4 from an employer, include it. The self-employed statement does not replace the employment slip. Both go on the personal return, and the quote says so when both are in the package. A year with both a T4 and a business statement is one personal return, quoted for both parts, not two engagements that ignore each other.

Document pickup from your office is still offered, as the original page said. Ask for it when you book if carrying the file in is the hard part.

Your net business income is reported on line 13500 of the T1 return.