Tax Filing Deadline for Self-Employed Ontarians is June 15
Don’t Miss Out on Tax Credits and Benefits
Self-employed Ontarians must file their tax return by June 15 to receive credits and benefits on time.
Here are some tips to get the most out of your tax return:
Income you must report
Most income is taxable including money earned from services such as lawn care, driving, cleaning, selling homemade goods or renting space out in your home.
The type of expenses you can claim
Reasonable expenses paid to earn business income can be used as a deduction to bring taxable income down. For example, if you conducted business out of your home, you may be able to deduct part of your home heating, home insurance, electricity, maintenance costs, cleaning materials, property taxes and mortgage interest.
You can also deduct all of your costs for expenses you paid specifically to earn a profit, such as your business supplies, office materials, printing, and advertising costs.
Get tax credits, benefits and incentives
Ontario offers tax credits that can help your business lower costs, hire/train workers and compete in the marketplace. You may be eligible for tax relief if you hired and trained apprentices in certain skilled trades and/or eligible university or college students enrolled in a recognized post-secondary education program.
Administering a fair and robust tax system is part of the government's economic plan to build Ontario up and deliver on its number-one priority to grow the economy and create jobs. The four-part plan includes investing in talent and skills, including helping more people get and create the jobs of the future by expanding access to high-quality college and university education. The plan is making the largest investment in public infrastructure in Ontario's history and investing in a low-carbon economy driven by innovative, high-growth, export-oriented businesses. The plan is also helping working Ontarians achieve a more secure retirement.
- Nine out of 10 Ontarians filed their tax return last year before the deadline.
- Failing to report all income may result in penalties.
- For each business, a separate completed form T2125 should be filed with your tax return. All business expenses should be supported with a sales invoice or receipt.
- In April 2016, Ontario partnered with Airbnb, a key sharing economy platform, to educate Ontarians who engage in home-sharing about their rights and responsibilities, and raise awareness of tax obligations.
“There are a variety of tax credits available to self-employed Ontarians that can help lower their costs and improve their competitiveness. It is important for self-employed Ontarians to file their tax returns on time so they don’t miss out on the available benefits and credits they may be eligible for.”