Self-Employed Status
Understanding the concept of self-employment is essential which means you become your own boss and can operate your work activities under your name and social insurance number without registering for a business name. This is the simplest form of doing a business.
This situation applies for people for whom the terminology is not mandatory. Once their projected annual income is over $30,000 they are required to have a business number from Revenue Canada Business section to collect and file HST returns, but some exceptions do exist. The taxation year is identical to an individual taxpayer.
Tax Insight can help you in this journey to guide you with our strategic tax planning program throughout the year not just at the end of the year.