Are you self-employed? Know your tax obligations

As a self-employed person, you and your spouse or common-law partner have until midnight on Friday, June 15, 2018, to file your 2017 income tax and benefit returns.

However, if you have a balance owing to the Canada Revenue Agency (CRA), you must pay it by April 30, 2018.

If you have an amount owing and the CRA receives your return after the June 15 deadline, the CRA may charge you a late-filing penalty.

There are many ways you can make a payment to the CRA:

  • using your financial institution's telephone or online banking service
  • using the CRA's pre-authorized debit service offered through My Account, which lets you:
    • set up a payment from your bank account to the CRA on a pre-set date
    • pay an overdue amount or make instalment payments
  • through the CRA's My Payment service, which lets you make payments online. You can use this service if you have Visa® Debit, Debit MasterCard® or Interac® Online at a participating financial institution
  • in person at any Canada Post outlet using cash or a debit card.

Important facts

  • You have to report your income from any business you run yourself or with a partner.
  • If you own a business or carry out a commercial activity, keep complete and detailed records. Your records must have enough information to calculate the tax you owe and to support any deduction or credit you claim. They also must be supported by original documents.
  • Keep your supporting documents for six years. Generally, you must keep all required records and supporting documents for six years from the end of the last tax year they relate to. Even if you don't have to attach certain supporting documents to your return or you are filing your return online, keep them in case the CRA reviews your return. The CRA may ask you to prove your claims for deductions or credits with documents like cancelled cheques or bank statements.
  • If you earn income that has no tax withheld or does not have enough tax withheld during the year, you may have to pay tax by instalments. This may happen if you have rental, investment, or self-employment income, if you receive certain pension payments, or if you have income from more than one job.

Go to Canada.ca for more tips on getting ready to file your 2017 return.

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