Accountant for the self-employed in Toronto and the GTA

Self-employed income is not a T4. Listed accountants on our platform report it on a T2125, claim the expenses you can support, and keep HST and instalments from turning into a spring surprise.

Home office, vehicle, software, subcontractors and meals each have their own rules. A return is only as strong as the records behind those claims.

If you later incorporate, the same accountant can move you from a sole proprietorship to a corporate return without starting over.

What is handled for self-employed people

1. 1

   T1 and T2125 filing

   Business income and expenses are reported on a T2125 and filed with your personal return.

2. 2

   Expense review

   Home office, vehicle, phone, software and other costs are claimed only where the records support them.

3. 3

   HST

   You are told when the $30,000 threshold applies, and returns are filed once you are registered.

4. 4

   Instalments

   Quarterly instalments are planned so a strong year does not become a balance-due shock.

5. 5

   Bookkeeping

   Income and costs are categorized through the year so filing is a review of clean books.

6. 6

   Incorporating later

   When income left over after living costs is high enough, your accountant explains what a corporation would change.

Who this helps