Tax Season

We are in the midst of Tax season, and if you are unsure about any of your taxes as a sole proprietor, independent contract or Incorporated business as a locum then we suggest tuning in to the "Everything Taxes as a Locum" Webinar. As a Sole Proprietor/Independent Contractor you need to file by April 30th. Tax forms you should familiarize yourself with: T1 - Personal (summary of all the forms you complete for income taxes)

T2125 - Business and Profeassional Activities (all income and expenses made through business, gross revenue, loss, GST)

T4A - if you contracted out to a company for more than $500

T2 - Corporation 

T5 - Investment Income (dividends)

GST - Tax Collected As a business/your own entity you will always have to pay taxes, so it is ideal to account for as many appropriate business expenses as possible (to offset this cost), see a list of business expenses in our file share section under "Locum Taxes" Here you can also find a list of useful programs should you want to file your own taxes. We also made an easy excel book for you to download and input all of your revenue and expenses to create better organization, monitor your business, and get a rough idea of taxes owed.

Thanks for being here ! Happy Tax season. LetsLocum Admin