With the new year, comes the approach of the dreaded tax season. However, there is no need to fear! For those who are self-employed or freelance workers, tax season can not only be overwhelming, but it can also be incredibly confusing. Let’s take a look at a few easy steps all self-employed and freelance workers should take to ensure their taxes are filed correctly and on time. Work With A Professional A big mistake self-employed workers make is skipping ahead and using either computer software to do their taxes, or they attempt it themselves. The issue with this approach is that they often don’t understand exactly what they are or aren’t entitled to deduct or are required to pay, which as e
While business owners may see their workplace environment as safe, at any unforeseen time an accident can strike, leaving an employee injured and out of work, and an employer liable. To ensure your employees can receive financial compensation while out of work and that your business is free from legal liability, registering with WSIB was made a requirement. Let’s take a look at how registering your business and your employees with WSIB is paid for, taxed and how it benefits both the business owner and the employees working within it. What Is WSIB? When it comes to workplace safety, ensuring your employees are safe from harm is only half the battle. Additionally, you should also make sure tha
When it comes to identifying the legal entity of your business, especially at tax time, it’s important to understand what makes you qualify for each category. Not only does each entity serve a different business structure by way of income and profit, each also has their own specification in regards to taxes. In order to avoid error and to understand your business’s financial liability, it’s best to have a full understanding of each category before defining the direction that makes sense for your business specifically. Let’s explore the different legal entities your business can fall under. Sole Proprietorship Essentially, a sole proprietorship is not technically a legal entity, but more so r
