Canadian Self-Employed Taxes Explained 2023

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Information Canadian Self-Employed Taxes Explained 2023

Title	:	Canadian Self-Employed Taxes Explained 2023
Lasting	:	9.12
Date of publication	:
Views	:	10 rb

I am about to pick my accounting software for my sole-proprietor business I am leaning towards Xero Any thoughts ? I am not selling on line, I will provide the service, customer will pay on the spot with POS machine
Comment from : Phil C

Great video Any advantages of collecting GST/HST if making under 30K a year?
Comment from : F S

Would something like scrubs required for the work but not company branded still not count as deductible?
Comment from : Zoe Carter

I have doubt , can I able to open online business(self-employed) with open work permit appreciated your reply
Comment from : codernorth

As a sole proprietor with my own name as my business, do I need to submit a GST/HST return on my business CRA account AND a T2125 form on my personal tax return? Or can I just do one or the other?
Comment from : Anthony D

So turbo tax? Lol
Comment from : Anthony Orsini

Can opening my barbershop if i com to canda with tourist visa and i get work owner permit
Comment from : الحاج التركي_Elhaj Torky

thanks Bassem I have a registered business with gst hst # and my husband works with me, I pay him with chequesbrdoes he needs to register for gst hst as well?/I paid him more than 30 thousand
Comment from : R sunamita

Can business losses offset personal income? I did not generate any income from my business in 2022 but spent around 20-25K building it (sole proprietor)
Comment from : Sagar Chawla

I currently work fulltime as an employee and a side hustle (Self-Employed) earning $20000, should I request have my employer deduct more in Provincial and Federal taxes to avoid getting a penalty from the gouvernment?
Comment from : Lina Wu

Thank you for this amazing video I have a confusion while trying to file self--employment return I don't find where to enter product cost I am an online retailer; I don't have any inventory i ship out from supplier to customer My COGS is mainly product cost and shipping fees, but there are only 3 fields - direct wage cost, subcontract and other costs - no field for product cost Not sure should I use direct wage or other cost Could you please help me with this information? Thanks in advance
Comment from : Dotflakes

Thanks! My question is, if I have a side business (commercial window cleaning) do I HAVE to get a sole proprietor license, or can I just claim the money earned just as additional income?
Comment from : Luke Adamcewicz

Excellent and simple
Comment from : Keith DMello

Hey man, nice video I have question regarding pre-paying income tax and CPP - Is it possible to pre-pay in Canada? My wife started working as a contractor and was wondering if it's possible to pre-pay the tax she owes instead of having to wait for next years income tax filing This would make it easier as we would already know how much net we have
Comment from : bakiiio

Hello How long did it take to switch your tfsa from questrade to ibkr?
Comment from : 9090wat

Hey man, hope you're doing well Got a question for you brbrI over contributed to my TFSA this year by about $3300 by mistake I bought stock with it and since the contribution, the stock value has almost doubled As I understand it, I have to pay a penalty of 1 per month on the amount I over contributed (not the growth)? So if I just kept the money in there until next January I would have to pay around $400? (doesn't sound like a bad deal to me) brbrAlso wondering if I transferred the stock to a regular investment account or sold and moved the money to my savings account, would I end up paying capital gains?
Comment from : RoweYurBoat

Is it worth keeping my accountant for 1000$ per year just to file my business taxes/write-offs/ etc? He deff is doing something helping to lower my taxes
Comment from : MrZ

Might go against the point of your channel, but can you make a video that gives tips on finding a good accountant? brbrWill definitely be looking into your course later this year, but at some level, I don't want to have to deal with filing taxes myself, and I have no idea how to look for an accountant who fits my needs I will like have business income next year so taxes won't be as simple as they are with a regular fulltime job
Comment from : MushyMush

Claiming meals are a common reason for triggering audits Just a heads up
Comment from : Attila

An important point if you ever want EI or Maternity leave you need to register for special benefits and pay premiums that way You can't put yourself on payroll, if you do, you'll be paying employee and employer premiums but you will never be approved if you actually want to take mat leave This just happened to my wife She was denied and no mat leave Expensive mistake Special benefits have a 12 month activation period after paying into it Now it will be a hassle to get the cpp, oas and ei back from CRA and start over which means less pension when she retires too
Comment from : Attila

what if I day trade crypto - should I file 2125 or should I declare as capital gain ? I have lost a big amount in 2022 - would it be a good idea to report as self employed to deduct against my T4 income ?
Comment from : Johnson Johnson

Soooo helpful! I actually didn’t know about the EI opt in - seems pointless for biz owners right (unless a biz fails maybe?) Currently don’t have it
Comment from : Tiffany Alexis

Can you please do a video on Incorporation as well? Also, a video on how to make payroll to pay yourself from your business
Comment from : Azlal Sabir

thank you so much for this !
Comment from : Mohamed Ali

Awesome Important topic Asset allocation and taxes are two biggest factors affecting a given portfolio’s portfolio performance
Comment from : Vic Gill