If you earned self-employment income from a business that you operate yourself or with a partner, you have to report that income by filing a tax return.

Keep in mind that, no matter how you generate income, you have to report it on your tax return. If you don’t report your income, it can result in penalties. Reporting your income also means that the CRA will have the most accurate information on file to determine if you are eligible for tax credits and benefits for individuals, including provincial and territorial tax credits and benefits, the GST/HST credit, etc.

The CRA provides digital services for businesses and self-employed individuals. You can use these services to file, make payments and get detailed information about your account.

If you own a small business or are self-employed, the CRA offers you free Liaison Officer services by phone or videoconference. Liaison officers can make it easier to file by helping you understand your tax obligations, answering your questions and making sure you are aware of possible tax deductions.

June 15 is the deadline for self-employed individuals to file their income tax and benefit return. Even if June 15 is your filing deadline, the deadline to pay any balance owing is April 30. If you cannot pay in full, contact the CRA to set up a payment arrangement to pay your balance owing over time. To learn more about your payment options, go to canada.ca/payments.

It is important to keep in-depth records of the money you make and spend. Your records must give enough detail to determine the tax you owe and support any deductions you are claiming. They must be supported by original documents. Sometimes the CRA reviews returns to make sure that income, deductions and credits are properly reported. If the CRA reviews your return, having your receipts and records on hand will make it easier for you to support your claims.