Self-Employed Tax Return

LUKEL ACCOUNTING SERVICES can minimize both your personal and your family’s overall tax liability through the proper restructuring of income and the interpretation of the rules.

  • Advise you availability for tax planning purposes
  • Save your time by guiding you or acting on your behalf with the Canada Revenue Agency (formerly Revenue Canada) on all tax matters
  • Help you to avoid interest and penalties by filing your returns and installments correctly and promptly
  • We electronically file your returns, speeding up your refund.

Employment Insurance (EI) for Self-Employed

Self –employed person who decides to register for access to EI special benefits, will need to wait 12 months before making a claim!

If I did not receive T5018 slip ( construction industry)?

Please note that some employers do not send T5018 slips to subcontractors as it is not required by CRA to send a copy of it. Subcontractors are responsible to report all business income received on their tax return ( Schedule T2125 Statement of Business or Professional Activities).

How to Keep a Logbook to Claim Motor Vehicle Expenses

If you have used your own vehicles to earn business income over the past year, you can claim the related expenses as a business expense on your income tax. But as always, if you want to deduct these expenses, you need to be able to confirm your claim with documentary evidence.

My advice is that you always record your vehicle’s odometer reading , too. When it comes time to claim your motor vehicle business expenses, you will need to know how many non-business related kilometres you drove, and the easiest way to do this at the beginning of the year.

The Canada Revenue Agency now allows small business people to cut down on their logbook keeping and use a three-month sample logbook and use it for the entire year.

To use a simplified logbook:

  • You must have previously maintained a logbook for one complete year to establish a base year’s business use of a vehicle.
  • Your business use of your vehicle for the year you are using the simplified logbook must be within 10% of the results of your business use of your vehicle you recorded for the base year.

Notice that to do this, you will have to know what your business use percentage was for the particular three month period in the year that you are using as a base year so you can compare it to your new sample year period.