May 15, 2019

Tax benefits of being your own boss

One of the perks of being your own boss is a later tax filing deadline. Canadians employed by someone else needed to file their taxes by April 30th with the Canada Revenue Agency (CRA), but self-employed individuals have until June 17 to file their returns. Currently, one in 10 Canadians is self-employed, but it is estimated that this will grow to 45 percent of people in the workforce within the next decade. Keep in mind that when you file, self-employed individuals also get tax breaks. For instance, if you regularly conduct business from home, then you can claim a portion of your home’s expenses like utilities, repairs, insurance, mortgage interest and property taxes. It may also be possible to deduct other expenses as well like a vehicle provided you meet the requirements.

“One advantage to being your own boss is a later tax filing deadline.”

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