Looking for resources on filing taxes while self-employed (technically a contractor)

[ultrablue]

Hi! Was hoping someone might have some experience with this and could provide some helpful insight.

I live in Canada, I'm potentially going to start working soon as an online tutor - my sessions will be set up through the company (Canadian) that hired me, but I'll be hired on basically as an independent contractor/self-employed. I've never had to file taxes this way, so I was wondering what I need to take into consideration as far as owing money each tax year, benefits/downsides to being self-employed, etc. Is the filing process much more difficult or different from just a regular T1?

Additionally, and this may be a little too specific, but I'm also US-Canadian dual citizen and I file my taxes in the US as well. Does anyone know if there are different forms I'd need to fill out, being self-employed?

TIA!

 

[a21]

Hi! Was hoping someone might have some experience with this and could provide some helpful insight.

I live in Canada, I'm potentially going to start working soon as an online tutor - my sessions will be set up through the company (Canadian) that hired me, but I'll be hired on basically as an independent contractor/self-employed. I've never had to file taxes this way, so I was wondering what I need to take into consideration as far as owing money each tax year, benefits/downsides to being self-employed, etc. Is the filing process much more difficult or different from just a regular T1?

Additionally, and this may be a little too specific, but I'm also US-Canadian dual citizen and I file my taxes in the US as well. Does anyone know if there are different forms I'd need to fill out, being self-employed?

TIA!

Hello,

Hope you are doing well. I have been member of this forum from last few years. I came across this thread. I would be glad to assist in any information you need regarding tax filling. I am CPA, CGA (Chartered Professional Accountant) and Real Estate Sales Representative for more than 10 years. Regarding your tax query, you will file taxes as a self employed individual and pay the income taxes based on that. Filing taxes for self-employed is different than regular T1 as it involves claiming certain expenses, which a salaried employee cannot claim. There is HST involved as well based on income level threshold. You can definitely save some taxes being self-employed as independent contractor. We can discuss more in details, if you want.

I also have extensive experience working with newcomers, First Time home buyers and genuinely understands the challenges faced throughout the whole process of mortgage approval through finding the suitable property till settling down in your new home. I have diversified experience in Mortgage, Real Estate and Accounting industry.
Let me know, if i can assist you with any information or services regarding this.