How to Avoid CRA Personal Services Business Rules: Tax Tips for Contractors & Freelancers in Canada скачать в хорошем качестве

How to Avoid CRA Personal Services Business Rules: Tax Tips for Contractors & Freelancers in Canada

In this informative video, we dive deep into how IT contractors, freelancers, and independent software consultants in Canada can avoid the CRA Personal Services Business (PSB) rules. Learn how understanding PSB regulations can help reduce tax liabilities, maintain compliance with Canadian tax laws, and protect your small business from falling under the PSB classification. We’ll dissect the key factors the CRA considers when determining PSB status, explore practical strategies to avoid being classified as a PSB, and provide actionable tips to lower your taxes in 2025 while operating your business efficiently. What You’ll Learn: ➡️ What qualifies as a Personal Services Business (PSB) under CRA rules ➡️ The importance of subcontracting work to reduce PSB risks ➡️ Demonstrating financial risk and opportunity for profit in your business ➡️ How to avoid financial dependence on one client to stay compliant Don't wait until it's too late! Following these steps will help you maximize your allowable deductions and avoid costly tax penalties. ****************************** 🔗 MENTIONED IN THIS VIDEO ► Zoombooks: Best Expense Tracking & Bookkeeping App Download: https://linktr.ee/zoombooks.app ► Instaccountant: Expert Tax Accountants for IT Contractors https://instaccountant.com/accountant... ► How to File Taxes as a IT Contractor in Canada 2025    • 2025 Tax Filing Guide for Canadian Co...   ► Bookkeeping Tips for Self-Employed Contractors & Freelancers    • How to Do Proper Bookkeeping for Self...   ◼️ 2025 Tax Deductions for Contractors & Small Business Owners https://instaccountant.com/top-7-smal... ****************************** Watch now to discover how you can navigate CRA’s Personal Services Business rules, reduce your tax burden, and keep more of your hard-earned income. Subscribe for more tax tips and business advice for Canadian freelancers and contractors! ****************************** 🎥 CONTENTS OF THIS VIDEO 00:00 - Introduction to Personal Services Business (PSB) Rules 01:04 - What is a Personal Services Business (PSB)? 03:24 - How the CRA Assesses You as a Personal Services Business 05:19 - Personal Services Business (PSB) Classification Indicators 09:19 - Tax Implications of Qualifying as a PSB 09:29 - PSB Rules on Small Business Deduction 10:08 - Claiming Business Expenses Under PSB 11:00 - How to Avoid Falling Under a Personal Services Business 11:10 - Tip #1 11:39 - Tip #2 12:40 - Tip #3 13:54 - Tip #4 14:39 - Tip #5 21:02 - Key Takeaways for Contractors & Freelancers ****************************** Hello from Instaccountant! 🌟 We are your online tax accountants in Toronto specializing in services for independent contractors, self employed gig workers, and small businesses in Canada. Our online and in-office tax and accounting services cater to clients throughout Canada and the USA. ****************************** 📩 CONNECT ► Website: https://instaccountant.com/ ► Blog: https://instaccountant.com/blog/ ► Facebook: / instaccountant ► Instagram: / instaccountant ► TikTok: / @murtaza_accountant ► LinkedIn: / instaccountant ****************************** Disclaimer: This video is for educational purposes only and does not constitute financial, investment, tax, or legal advice. Always consult a professional for personalized guidance tailored to your specific circumstances.