Tax tip

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Tips for self-employed individuals

From January until the end of March 2010, the Canada Revenue Agency (CRA) is issuing weekly tax tips with information geared towards specific groups that are most affected by new and existing credits, deductions, and benefits in the 2009 tax-filing season. This tax tip focuses on self-employed individuals.

Are you self-employed? If so, you have until midnight on June 15, 2010, to file your 2009 income tax and benefit return. You must pay any balance owing for 2009 on or before April 30, 2010, regardless of your filing date.

If you earned self-employment income from a business you operate yourself or with a partner, you should report it on the T1 general income tax and benefit return. For more information, go to

Keep records

Keep adequate records if you are carrying on a business or engaged in a commercial activity in Canada. The records have to provide enough detail to determine your tax obligations and entitlements and have to be supported by original documents.

Pay tax by instalments

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

Take advantage of the CRA's electronic services

Use electronic services such as NETFILE, My Account and My Business Account, My Payment and direct deposit to file your return, manage your tax affairs online, make online payments, and get your refund and benefits deposited into your bank account, respectively. For more information, go to

This document is also available for download in PDF format.

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