Self-Employed taxes

Whether you lost your job, began working from home, or received government relief benefits (such as CERB, EI, etc.) due to COVID-19, TurboTax walks you through how to report it on your tax return. It also points out credits you might not have known you were eligible for, such as the up to $400 work from home credit (that’s really easy to claim).

Learn more about how COVID-19 is impacting this year’s taxes.

Yes. You can use TurboTax Online on any PC or Mac with a current web browser. You can also use the TurboTax mobile app for iOS and Android devices to do your taxes on your smartphone or tablet.

No, TurboTax Self-Employed is only for filing tax returns with self-employment income. If your business is incorporated, you need to prepare a personal return (T1) for yourself as well as a separate corporate return (T2) for your business. We recommend TurboTax Business Incorporated for your corporate return, and a TurboTax Online solution for your personal return.

Absolutely. TurboTax Self-Employed is the right choice for those who need to file employment income and self-employment income.

Yes. TurboTax Self-Employed asks you straightforward questions to help you uncover deductions specific to your industry or business.

GST/HST activities are reported on a GST/HST return. Some information from your GST/HST return is used on your tax return so it’s a good idea to complete the GST/HST return first. For step-by-step guidance on GST/HST returns, visit the CRA’s website. Also, if you choose to get your taxes done by a tax expert (through TurboTax Live Full Service Self-Employed), they’ll do your GST/HST return for free!

TurboTax Self-Employed calculates your Canada Pension Plan (CPP) contributions that are due based on the net income from your self-employment. In many cases, the CRA requires instalments based on your tax owing in a three year period. But, for newly self-employed individuals, instalments aren’t necessary. Consider opening a separate bank account to set money aside for tax time.

It depends on your situation, but a good benchmark is to set aside 25% of your business’s income for your self-employment taxes.

Everything from office supplies to vehicle costs can be written off, providing the expense is related to your business, you have the supporting documentation and the expense is reasonable. View CRA’s full list here.

Side gigs, freelance work, and contract payments are all forms of income that need to be reported on your tax return. If you’re carrying on some form of business activity, report it—even if you’re not profitable yet.

Whether you need a little help along the way, or even want an expert to prepare and file your return for you from start to finish, TurboTax has you covered.

With TurboTax Live Full Service Self-Employed, a TurboTax expert who knows everything about filing a self-employed income tax return accurately will do your taxes for you. Plus, if you are registered for GST/HST, we’ll handle that return for you as well at no extra cost.

With TurboTax Live Assist & Review, a TurboTax expert will be on hand to answer questions as you complete your taxes. Plus, your expert will do a final line-by-line review before you file your return.

TurboTax supports all provinces (and territories!). All editions of TurboTax include all the forms and schedules you need to complete and file your federal and provincial returns via NETFILE and NetFile Québec.

Yes! Check out our Self-employed Expenses Calculator to estimate the impact your business expenses could have on your tax return.