It is projecting that within the next few years close to half of all Canadians will have self-employed income, or be fully self-employed.
If you’re one of the 3 million people in Canada who calls yourself a freelancer, independent contractor, or consultant, you probably feel that your financial situation is more complicated than that of traditional, full-time workers. Yes, the requirements for self-employed Canadians is a bit more involved, however, there is really not much of a difference in complexity between the two. In fact, if you have been completing your personal tax return using TurboTax, then you could absolutely complete a self-employed return on TurboTax Self-Employed software.
Being self-employed means trying to understand potential deductions you are entitled to claim, untangle business and personal expenses, and even keep track of multiple streams of income. Add into that, the tracking of personal and business finances, the GST/HST and then the task of preparing your taxes can make this a 24/7, 365 endeavour.
If you hesitate to take a step into the self-employed world because of the arduous requirements, don’t. To make self-employed life much easier, TurboTax Self-Employed, Canada’s only a tax preparation software specifically designed for those in the gig economy, has you covered.
TurboTax Self-Employed walks you through your taxes step-by-step, automatically prompting you to enter all pertinent self-employed specific deductions so you can be sure it is accurate and you get your maximum refund. Like all TurboTax products, TurboTax Self-Employed is backed our Maximum Refund Guarantee so you can file in complete confidence.
If you’re looking for more support, our two new TurboTax Live options for self-employed people have you covered:
- TurboTax Live Assist & Review Self-Employed provides live, on-demand access to tax and product advice as you prepare your return, then a full review of the completed return.
- With TurboTax Live Full Service Self-Employed a TurboTax Expert will fully prepare, optimize, review and file your taxes for you. TurboTax Experts have an average of 17 years’ experience preparing taxes, and are available on-demand to take the stress out of tax time. Plus, TurboTax Live Full Service includes year-round audit support for added confidence.
And for year-round support with your finances, try QuickBooks Self-Employed, a mobile app that makes it easy to stay in control of your business finances and helps you prepare for tax time while on the go with effortless expense, mileage, invoice and HST tracking all in one place. Users of QuickBooks Self-Employed find an average of $4,340 in tax savings per year.
For more tips on how to master your taxes as a self-employed person check out these articles: