Support for your next step
Self-Employed & Sole Proprietor Tax
Self-employed tax covers the business income you report on your personal return, the CPP you pay as both employee and employer, HST once sales pass $30,000, and instalments if CRA expects them. You can file by 15 June, but tax owing is due on 30 April.
Brampton · GTA · Virtual support across Canada
How it works
Self-employed tax, step by step.
Exactly what happens after you get in touch, starting with one 15-minute call.
- Today
Book 15 minutes
A free, no-obligation 15-minute call on Teams or at our office at 181 Queen St E, Brampton.
- The call
Income, expenses and dates
We look at your income, your expenses and your filing and payment dates.
- During the year
CPP and instalments estimated
We estimate your CPP and tax, work out any instalments and track sales against the $30,000 HST threshold.
- Before you file
Your business schedule
We show you which records to keep, then prepare the business schedule for your personal return.
- Your move
Ready when you are
Pick a 15-minute slot that suits you. We confirm the time and scope with you directly.
Your starting point
Your self-employed activity needs organized income and expense records that connect properly to your personal tax return.
How we help
We prepare business summaries, review supported vehicle, workspace and equipment information, and complete applicable schedules for your T1 return. GST/HST and other connected services are included where agreed.
THE WORK, EXPLAINED
What is included
- Business income and expense organization for self-employed activity
- Applicable T2125 schedules coordinated with the T1 return
- Supported business and personal allocations
- Vehicle and workspace documentation review
- Equipment purchases, disposals and related supporting records
- GST/HST coordination and practical recordkeeping improvements
The exact work, period, timing, responsibilities and fees are agreed before starting. Services are not automatically included in every engagement.
What you can expect
Clearer business records, an explained filing position and practical recordkeeping steps for the next year.
Self-employed and sole proprietor tax
Self-employed? You can file by 15 June, but any tax owing is due on 30 April.
What catches self-employed people out, and how we help.
-
The problem
The CPP bill is bigger than expected.
Self-employed people pay both the employee and employer share of CPP.
The solutionCPP planned in advance
We estimate the CPP and income tax during the year, so April isn't a shock.
-
The problem
Instalment reminders arrive from CRA.
If you owe more than $3,000 in tax this year and in either of the previous two, CRA generally expects instalments.
The solutionAn instalment plan
We work out the instalments and the dates, so interest doesn't build up.
-
The problem
You're not sure when to register for HST.
You generally have to register once taxable sales pass $30,000 over four consecutive quarters.
The solutionA registration check
We track your sales against the threshold and register you when it applies.
-
The problem
Expenses kept in a shoebox.
Business-use-of-home and vehicle costs need records to support the claim.
The solutionRecords that support your claims
We show you what to keep and prepare the business schedule from it.
Related services
Why owners trust Wealthy Wave
- Led by Chirag Kalra, Chartered Accountant (ICAI, India), with more than 12 years in accounting and tax
- Plain-language answers about your own numbers, with no jargon
- Bookkeeping, payroll, HST and corporate tax handled by one team
- We never ask for SINs, banking details or tax documents by text or WhatsApp
- A real office at 181 Queen St E, Unit 5, Brampton, with virtual support across Canada
Why talk before April?
Interest on a balance starts after 30 April, even if you file in June. A short check early also answers whether it is time to incorporate.
- Pick a time. 15 or 30 minutes, on Teams or at our Brampton office.
- We look at it with you. Your income, your expenses and your dates.
- You decide. The call comes with no obligation.
Prefer to write first? Send an enquiry. Or call (647) 606-1824.
General information only. Tax advice is given within an engagement, based on your own records.
ANSWERS BEFORE YOU START
Common questions.
Can personal and business expenses be mixed together?
Mixed records need to be reviewed and allocated using supportable information. We explain the information needed instead of assuming every payment is a business expense.
Are GST/HST returns part of this service?
GST/HST is coordinated where relevant, but registration, reconciliation and filing work are confirmed in the engagement rather than automatically included.
Will particular expenses be deductible?
That depends on the facts, documentation and applicable rules. The review identifies relevant questions without promising deductions before the records are assessed.
CONNECTED SUPPORT
Plan the next step.
A PRACTICAL NEXT STEP
Talk to us before
the deadline.
Share the service you need, your circumstances and any upcoming deadline. We’ll discuss the records, scope and next steps before work begins.