Top 6 Tax Tips for Self-employed
1. Keep good records – save all your receipts and use some simple software to keep track of your credits and debits.
2. Get a good help- whether this is an accountant or somebody familiar with the subject.
3. Deduct child care costs and medical expenses.
4. Set up an RRSP – the allowance you contribute is tax free.
5. The RRSP allowance you can contribute is deductible form your income and can put you in a lower tax bracket.
6. If you have separate office or you are using part of your house as an office, deduct this percentage off your monthly payments.