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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.

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