News Column

Tax Tip: Are You Self-Employed?

Mar 28 2013 12:00AM

Marketwire

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OTTAWA, ONTARIO -- (Marketwire) -- 03/28/13 -- Did you know?

As a self-employed individual, you have until midnight on June 17, 2013 to file your 2012 income tax and benefit return. Don't forget -- you must pay any balance owing for 2012 on or before April 30, 2013, regardless of your filing date.

Important facts

- If you earned self-employment income from a business you operate yourself or with a partner, you must 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 provide enough detail to determine the taxes you owe and support the benefits you are claiming, and 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.

The Canada Revenue Agency's (CRA) online services make filing even easier

The CRA's online services are fast, easy, and secure. You can use them to file your income tax and benefit return, make a payment, track your refund and more. Sign up for direct deposit too! Your refund and any benefit or credit payments owed to you will be deposited directly into your account, putting your money into your pocket faster. For more information, go to www.cra.gc.ca/getready.

Stay connected (www.cra.gc.ca/socialmedia)

To receive updates when new information is added to our Web site, you can:

- follow the CRA on Twitter - @CanRevAgency;

- subscribe to a CRA electronic mailing list; and

- add our RSS feeds to your feed reader.

You can also watch our tax-related videos on YouTube.



Contacts:
Noel Carisse
Media Relations
Canada Revenue Agency
613-952-9184





Source: Marketwire