OTTAWA, ON, June 3, 2021 /CNW/ – The Canada Income Company (CRA) is right here to assist you and your enterprise in assembly your tax obligations.

In case you are a self-employed particular person, or in case your partner or common-law associate is self-employed, you may have till June 15, 2021, to file your 2020 revenue tax and profit return.

It is very important file on time in case you obtain COVID-19 restoration advantages such because the Canada Restoration Profit, Canada Restoration Caregiving Profit, or Canada Restoration Illness Profit. The CRA makes use of info from each your 2019 and 2020 returns to substantiate your eligibility to obtain these advantages. Submitting on time avoids having your restoration profit funds stopped whereas we validate your eligibility.

Who is taken into account self-employed?
Usually, you’re a self-employed particular person if any of the next apply to you:

  • you stick with it a commerce, occupation or enterprise as a sole proprietor or an impartial contractor
  • you’re a member of a partnership that carries on a commerce or enterprise
  • you might be in any other case in enterprise for your self (together with a part-time enterprise)
  • in case you take part within the platform financial system, which incorporates financial and social actions facilitated by way of applied sciences such because the Web and cell purposes.

To find out if you’re self-employed or an worker, go to our worker or self-employed webpage for extra info.

What are my tax obligations as a self-employed particular person?
For those who earned self-employment revenue from a enterprise that you just function your self or with a associate, you must report that revenue by submitting a tax return.

If you’re self-employed and you use your enterprise, you need to pay the next:

  • private revenue tax in your web self-employed revenue
  • Canada Pension Plan contributions on web self-employed revenue
  • employment insurance coverage contributions you probably have registered to take part

Remember that, regardless of the way you generate revenue, you must report it in your tax return. For those who do not report your revenue, it can lead to penalties.

Reporting your revenue additionally implies that the CRA may have probably the most correct info on file to find out if you’re eligible for provincial and territorial tax credit and advantages, the GST/HST credit score and the Canada youngster profit.

How do I file my tax return?
You’ll be able to file on-line through the use of NETFILE or by having a tax preparer file your tax return by way of the CRA’s EFILE service. We strongly encourage you to file your return on-line to get your refund quicker and keep away from any delays. Or, you’ll be able to mail your paper return and supporting paperwork to your CRA tax centre. Nonetheless, in case you file a paper return, it might take 10 to 12 weeks to course of it, as a result of potential COVID-19 delays.

On-line providers for enterprise and self-employed people
The CRA has easy-to-use on-line providers for companies and self-employed people. You should use these providers to file, make funds and get detailed details about your account.

Free tax assist for small enterprise house owners and self-employed people
For those who personal a small enterprise or are self-employed, the CRA presents you free liaison officer providers by cellphone or videoconference. Liaison officers could make it simpler to file by serving to you perceive your tax obligations, answering your questions and ensuring you might be conscious of potential tax deductions. For extra info, go to

Even when June 15, 2021 is your submitting deadline, the deadline to pay any stability owing was April 30, 2021. When you’ve got a stability owing, there are various handy methods to pay:

  • by way of your monetary establishment’s on-line or cellphone banking service
  • utilizing the My Cost service, accessible from My Account or MyCRA, which helps you to make funds to the CRA on-line together with your Visa® Debit, Debit MasterCard® or Interac® On-line debit card from a collaborating monetary establishment
  • establishing a pre-authorized debit settlement by way of My Account and MyCRA to:
    • make preauthorized funds to the CRA out of your account at a Canadian monetary establishment
    • pay an overdue quantity or make instalment funds
  • by bank card, PayPal, or Interac e-Switch by way of a third-party service supplier
  • in particular person at any Canada Submit outlet utilizing money or a debit card, with a QR code you’ll be able to create utilizing My Account or MyCRA
  • in particular person at a Canadian monetary establishment with a remittance voucher

For those who can not pay in full, contact the CRA to arrange a fee association to pay your stability owing over time.

To be taught extra about your fee choices, go to

Preserve receipts and paperwork
It is very important maintain in-depth data of the cash you make and spend. Your data should give sufficient element to find out the tax you owe and assist any deductions you might be claiming. They should be supported by authentic paperwork.

Generally the CRA evaluations returns to make it possible for revenue, deductions and credit are correctly reported. If the CRA evaluations your return, having your receipts and data readily available will make it simpler so that you can assist your claims.

New prolonged hours for Enterprise enquiries line and Half XIII tax line
To present companies extra time to have their questions answered, our Enterprise enquiries line is now open Monday to Friday from 8:00 a.m. to eight:00 p.m., and on Saturday from 9:00 a.m. to five:00 p.m. Our Half XIII tax line is now open Monday to Friday from 7:30 a.m. to eight:00 p.m. ET.

Extra assist for your enterprise
The Canada Enterprise App simplifies entry to authorities providers for small and medium-sized enterprises in Canada. Designed with enterprise house owners in thoughts, the app places authorities packages and providers at your fingertips. Obtain it now on the App Retailer or Google Play.

Extra submitting ideas
For extra ideas and useful info, go to our tax ideas for self-employed people.

Keep linked

SOURCE Canada Income Company

For additional info: Media Relations, Canada Income Company, 613-948-8366, [email protected]

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