· As a self-employed person, you and your spouse or common-law partner have until, June 15th annually to file your personal income tax returns or the tax department may charge you a late-filing penalty.
· You have to report your income from any business you run yourself or with a partner. For more information, go to cra.gc.ca/selfemployed.
· If you own a business or are engaged in a commercial activity, keep complete and detailed records. Your records should be detailed enough to calculate the tax you owe and to support any deduction or credit you are claiming. They also must be supported by original documents.
· Keep your supporting documents for six years after the end of the tax year to which they relate. The tax department may ask you to prove your claims for deductions or credits with documents other than official receipts, like cancelled cheques or bank statements.
· If you get income that has not enough or no income tax withheld during the year and you owe more than $2,000 in taxes, you may have to pay tax by instalments in future years. For more information, go to cra.gc.ca/instalments.