The Tax Man Goeth
By Mike Hillyer | Related entries in IncomeToday I went down to the local Revenue Canada (== IRS) office and made the final payment on my 2004 taxes.
It has been a bit painful taking $1500 from the monthly budget for the last four months, but I am glad it is over.
My advice for anyone who is self-employed is to talk to your accountant and find out how much you should be setting aside to pay your taxes next year. Pulling $500 a month for a year would have hurt a heck of a lot less than paying my taxes of in a third the time with three times the amount.
For the remainder of this year I will probably need to set aside about $1000 a month to be ready for tax time next year, and hopefully next year I can get down to a more reasonable amount.
On the bright side, I am only dealing with one of the two sure things in life…
This entry was posted on Monday, August 8th, 2005 and is filed under Income. You can follow any responses to this entry through the RSS 2.0 feed. Responses are currently closed, but you can trackback from your own site.
August 16th, 2005 at 5:28 pm
What if I am self employed but haven’t made any money yet? Is there a minimum we have to pay each year? We just applied for SIN numbers but haven’t got them yet..
August 16th, 2005 at 6:49 pm
I believe that anyone making $8000 a year or less is not required to pay taxes, but should still file tax forms. If you do not make more than $8000 you should be ok filing late since there is no interest to accrue on tax owing.
November 19th, 2005 at 8:11 pm
aren’t you able to deduct expenses as a home business? That should bring your income to zero unless you7re making a lot of money.
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