How year-round online support can help you to optimize your tax returns
All,
Simplify your tax return process with the help of Raymond Chabot Grant Thornton’s team of experts
From a tax standpoint, a self-employed worker is someone who carries out professional activities for profit while having the freedom to choose their clients and work methods. Does this sound like you?
If you’re self-employed, are you aware of your tax obligations and the tips on how to optimize your credits and deductions? Our experts are here to help you.
Which services does IMPŌ offer?
Whether you’ve just started out or have been a self-employed worker for many years, our mission is to maximize the credits and deductions that you may be eligible for. As the year draws to a close, you’re tasked with juggling invoices, which can be challenging. You may be unsure as to which supporting documents you need for your tax returns. However, you can rest assured that our experts will guide you and simplify the process so you can concentrate on developing your business!
Let’s work together to simplify your tax affairs and optimize your finances!
IMPŌ OFFER YOU
- A team that can help you determine which expenses are eligible;
- Experts that you can chat with and who will explain your tax situation in detail;
- A multidisciplinary team that understands your reality and has access to the best resources to support you.
- A multidisciplinary team that understands your reality and keeps track of tax developments that apply to self-employed workers;
- Tools to help you adopt good habits for tracking your expenses throughout the year;
- Practical advice for avoiding subsequent audits by different levels of government.
Do you have any questions?
We’ve got answers!
Discover IMPŌ
IMPŌ offers an online income tax return preparation service for individuals. The service was launched by Raymond Chabot Grant Thornton, the accounting firm most admired by Quebecers, according to a Léger poll.
How do the tax authorities define a self-employed worker?
Revenu Québec considers that you are a self-employed worker if you are free to choose the means of carrying out a contract and no relationship of subordination exists between you and your client. In short, you are a self-employed worker if you carry out a professional activity on a self-employed basis without a relationship of subordination with an employer.
What is the deadline for filing tax returns for self-employed workers?
The deadline is June 15. This deadline also applies to your spouse, even if they are not a self-employed worker.
However, please note that, even though the filing deadline is June 15, interest will be charged on any unpaid tax balance starting on May 1.
Which documents should I set aside for filing my income tax returns?
You should not attach any documents to your tax returns when filing them with the tax authorities.
However, you should keep your supporting documents (invoices, receipts, etc.) for a period of six years from the end of the last tax year they relate to. You will need them if you are audited by the tax authorities.
Your supporting documents may be in paper, electronic, or other media and they must show the invoice date and supplier’s name.
What is the difference between a self-employed worker and an employee?
A self-employed worker is an individual who works for themself to generate a profit. They are free to choose their clients and how the work requested will be carried out. In contrast, an employee is an individual who works for an organization and earns a salary. Pursuant to a contract, an employee undertakes to work under the control of an employer for a period of time agreed upon by both parties.
As a self-employed worker, which expenses can I deduct to reduce my tax bill?
Generally, you can deduct any reasonable expense that you incurred to earn business income.
However, you can only deduct the portion of expenses which is related to your business. You cannot deduct personal expenses.
You must keep your supporting documents (invoices, receipts, etc.) for a period of six years from the end of the last tax year they relate to. You will need them if you are audited by the tax authorities.
Your supporting documents may be in paper, electronic, or other media and they must show the invoice date and supplier’s name.
Feel free to contact us if you have any questions regarding the eligibility of your expenses. We can help you to determine which expenses are eligible.
Is it better to declare my income as a self-employed worker or to simply declare “other income”?
Once you have incurred expenses related to your business, it is better to declare them as an expense deduction in order to limit your tax payable.
Don’t hesitate to contact us if you have any questions.
Is it recommended to set money aside during the year to cover a tax balance payable?
As a self-employed worker, estimating the amount of tax you will have to pay can sometimes be challenging. The amount of tax payable at the time of filing your tax return can be significant since, contrary to an employee, no source deductions were paid. As a result, you have to pay the taxes owing to the tax authorities once a year.
You may be required to pay your taxes in quarterly instalments if you meet certain conditions. Tax instalments are payments that you make throughout the year to cover taxes you would typically pay as a lump sum on April 30 of the following year.
Feel free to contact us and we will guide you on the use of tools that will allow you to estimate your tax payable.
Can I deduct the purchase of equipment (a vehicle, for example) that is related to my business?
Absolutely, once the equipment is used either in whole or in part to carry out your business activity. Such expenses are subject to certain tax rules and we can help you to maximize this component. Feel free to contact us if you have any questions.
Does IMPŌ file GST/QST returns?
Yes, we do. We can help you with your GST/QST returns for a fee ($).
Feel free to contact us to find out more.
From a tax perspective, what are tax instalments?
Tax instalments are payments that you make throughout the year to cover taxes you would typically pay as a lump sum on April 30 of the following year.
You may be required to pay your taxes in quarterly instalments if you meet certain conditions. Feel free to contact us and we will guide you on the use of tools that will allow you to estimate your tax payable.
DO YOU HAVE ANY QUESTIONS?