Self-Employed in Canada? You're Probably Calculating This Wrong скачать в хорошем качестве

Self-Employed in Canada? You're Probably Calculating This Wrong

If you’d rather not file alone, I also offer a 1-on-1 guided tax filing video call. We file your taxes together, I explain everything as we go, and you stay in control of your information. 👉 Learn more here: https://www.omartinoco.com/filing-tax... 👉 WealthSimple Tax use my link: https://www.wealthsimple.com/invite/7... Many people believe they will be taxed on the full amount they earned. That’s not how it works. In Canada, self-employment income follows specific rules — and understanding them can prevent confusion, mistakes, and unnecessary stress during tax season. In this video, you’ll learn: 00:00 Filing taxes in Canada (What you need to know first) 00:53 What the CRA considers self-employment income 02:11 Whether you must report side hustle or contractor income 02:52 The difference between income and profit 03:48 Common deductible expenses 06:43 Practical example The key takeaway: You are taxed on what you keep after expenses, not the total amount you earned. Understanding this principle alone can completely change how you approach filing. In the next video, I’ll walk through how to actually file self-employed income step by step so you can see exactly where everything goes on your return. If you found this helpful, consider subscribing for practical, clear Canadian tax guidance. This video is for educational purposes only and does not replace personalized tax advice.