While there are a lot of tax benefits to being a self-employed contractor in Canada there is also a lot to understand when it comes to the ever-changing tax code.
From 2007 to 2012, Canada's underground economy grew larger, increasing by 14%. CRA does devote a large amount of their resources to finding unreported income.
If you're a self-employed individual or own a small business, specifically a cash-based business, be aware that you're a prime candidate for a CRA tax audit.
Do you have your papers and records ready for your 2013 tax return? It can be a hectic time getting ready and it’s easy to miss something. Use the following information to help you get ready.
