Independent Contractors Expenses & Deductions
If you are an independent contractor, there are a number of issues you should be aware of particularly in the area of your status within the business you are providing services to.
Over the last few years, many independent contractors have been required to incorporate a company in order to obtain or retain a contract for the provision of their services. However, many are misled about the benefits of the corporation which are effectively unavailable to them through this corporate structure.
When an individual provides his or her services through the use of a corporation to another business entity and that relationship could reasonably be regarded as an employer/employee relationship if not for the corporation being in place, there are a number of tax issues that you should be aware of.
We would be pleased to meet with you to discuss these potential tax issues to ensure that you are onside with the tax regulations now and in the future. If you get it right at the start you can avoid the nasty consequences of getting it wrong
For more information you can also visit the Canada Revenue Agency’s Guide: Employed or Self-Employed? at: http://www.cra-arc.gc.ca/E/pub/tg/rc4110/rc4110-08e.pdf
-
Independent Contractor Deductions
Helping you understand the types of expenses that are tax deductible, so that you can save a bundle come tax time.
- Contact Us Today