Are you self-employed? Important Tax Facts

Did you know?

As a self-employed individual, you and your spouse or common-law partner have until midnight on Monday, June 16, 2014, because June 15, 2014 falls on a Sunday, to file your 2013 income tax and benefit return. But don’t forget—you must pay any balance owing for 2013 on or before April 30, 2014, regardless of your filing date.

Important facts

• If you earned self-employment income from a business you operate yourself or with a partner, you have to report it. For more information, go to www.cra.gc.ca/selfemployed.
• Keep thorough records if you own a business or are engaged in a commercial activity. The records have to give enough detail to determine the taxes you owe and support the benefits you are claiming, and they must be supported by original documents.
• If you receive income that has no tax withheld or does not have enough tax withheld for more than one year, you may have to pay tax by instalments. This can happen if you receive rental, investment, or self-employment income, certain pension payments, or income from more than one job. For more information, go to www.cra.gc.ca/instalments.