Are you self employed? Run your own business? Or have a side gig?

When do you need to start counting your earnings as taxable income?

Together with H&R Block, we have put together the most important things you need to know below:

  1. Uber, Airbnb, Etsy, SkipTheDishes, professionals and the like – income earned through self-employment needs to be reported to the Canadian Revenue Agency (CRA) on Form T2125 Statement of Business or Professional Activities as it is taxable.

  2. Self-employed taxpayers may claim any reasonable expenses incurred to earn business income, such as deducting service fees or the costs of operating a vehicle while using it for business purposes, cleaning your home after a guest stay, or the cost of supplies.

  3. Making more than $30K in your side hustle – you must register with the CRA to chargeGST/HST.


    If you participate in ride-sharing services, you have to register for GST/HST right away, regardless of revenue.

  4. Waiting tables – tips are taxable and must be reported.

  5. Underground economy (cash payments) – including construction, the food industry and retail that might not appear ‘on the books’. The CRA wants to know about all of your income, so be sure to work with those who can provide proper tax forms.

    There are risks associated with getting paid under the table and not claiming your entire income.

  6. Flipping homes – your home sale will be tax exempt if you can designate it as your principal residence. But if this is something you do often and with multiple houses at a time, the capital gains could be up to 100% taxable.

 

Small Business Owner? Looking for affordable, reliable, convenient services available all year round?

H&R Block’s Small Business services can maximize your deductions and grow your bottom line. You will find important information HERE

Over 1,100 locations across Canada

H&R Block - COVID-19 Update

H&R Block offices are open for business and they have new filing options available.

Canada Revenue Agency (CRA) - COVID-19 Update

Important changes to tax-filing and payment deadlines

Helpful Tools & Solutions

Use this simple income tax calculator for an idea of what your return will look like this year. You’ll get a rough estimate of how much you’ll get back or what you’ll owe.

Before you get started on your taxes, make sure you download this checklist to make sure you get every tax credit and deduction you’re entitled to.

These articles will help you understand the tax opportunities that apply to you.

With Free Second Look, H&R Block will  review up to three of your past returns looking for money that others missed.

And they’ll do it for free.

Frequently Asked Questions

If you discover an H&R Block error on your return that reduced your refund (or increased your liability), they will amend the return at no additional charge to correct their error. 

If H&R Block makes an error in the preparation of your tax return that costs you any interest or penalties on additional taxes due, although they do not assume the liability for the additional taxes, they will reimburse you for the interest and penalties. 

H&R Block has over 7,000 tax professionals across the country that complete almost 2 million tax returns every year.

An H&R Block average tax expert has 9 years of tax preparation experience and 738 hours of tax training. Their year-one tax professionals receive more than 72 hours of training at the H&R Block Tax Academy before they see their first client.

You can read more about the H&R Block Tax Academy HERE.

There are also over 50 languages that are spoken fluently in their offices across the country.

The H&R Block tax professionals and franchise owners in each H&R Block office not only work, but often live in the local communities they serve. You may bump into then at your local grocery store.

H&R Block was founded on principles of trust, integrity and the delivery of outstanding products and services which has stood the test of time for over 55 years.

H&R Block has a a range of business procedures and security safeguards to ensure that your personal information is kept confidential, safe and secure no matter where, when, or how you complete your return.

Your personal information is kept confidential, safe and secure and is used only in accordance with their Privacy Policy or as otherwise consented to by you.

Yes, many of H&R Block’s 1,100+ offices are open year-round. Visit the office locator webpage HERE.

If your local H&R Block office is closed outside of the tax season, you can call the toll free line 1-800-472-5625 to find the office nearest to you that is open all year round.

Over 2 million tax returns get reassessed every year in Canada and no matter how accurately you complete your return, the Canada Revenue Agency (CRA) or Revenu Québec (RQ) may still review and audit it.

With H&R Block’s Audit Assistance and Audit Representation service, one of their tax professionals will be beside you from the moment you receive a CRA/RQ assessment or audit, helping you through the entire process.

Read about H&R Block’s Peace of Mind® Extended Service Plan HERE.

H&R Block as Canada’s Tax Experts, knows how to get you the maximum refund because they’ve been at it for more than 55 years and have done more than 50 million tax returns. 

They offer a Maximum Refund Guarantee, Year-round service, and Audit assistance.

The team at every office makes you feel welcome, shares their knowledge with you, listens and to explain things clearly, and provide great value for your money.

You can read about the H&R Block Advantage HERE.

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