If you receive payments for products or services you provide and you are not an employee, you may be earning a self-employment income.
The income can be earned from business you operate yourself as a sole proprietorship or with someone else as a partnership.
Business income includes income from any activity you carry out for profit or with reasonable expectation of profit. A business includes:
- a profession;
- a calling;
- a trade;
- a manufacture;
- an undertaking of any kind; and
- an adventure or concern in the nature of trade.
Employment income is not business income.
If you are a self-employed, you pay personal income tax on all revenue generated by your business. You also assume all the risks of the business. The risks extend even to your personal property and assets.
Our tax specialists will help you with tax filing and maximizing the eligible deductions and credits you are entitle to.