Scotiabank is reminding Canada’s self-employed workers to get ahead of the game and organize their tax documents before the June 15 deadline.
While some self-employed citizens are confused as to whether or not their business is large enough to require filing a return, the bank ex[lains that all activities that are undertaken for profit qualify. This means everything from making your own jewelry to renting out rooms in your home as a B&B.
To make the most of your tax return, they suggest taking advantage of all business-related expenses, maintaining a log of all business-related mileage – these costs can be claimed as long as the distance of each trip is recorded – and maximizing your Capital Car Allowance.
They also suggest keeping organized records, speaking to an accountant or tax adviser, and considering incorporating your business.