What to know about taxes if you're a contractor or freelancer
The traditional, permanent full-time job is dying a slow death in Canada, and precarious work in the new"gig economy" is taking its place. This story is part of, a HuffPost Canada series that looks at how gig economy and contract workers can optimize their finances when it comes to tax time.
But no matter what you call yourself, the main distinction that matters to Canada Revenue Agency is whether you're an employee of a company or if you're self-employed.Lisa Gittens, a senior tax professional at H&R Block, told HuffPost Canada there are a few questions to ask if you're trying to figure it out.
"So if I'm providing services as a contractor to TD, there should be a contract that clearly states the day that my contract starts, when it ends, and what is my rate or base of pay."Casper1774Studio via Getty Images "So in that year, the 10 invoices that I got paid for, that is the income that I can report. Now I'm going to show the 12 invoices that I issued, the 10 that I got paid for, and the remaining two are sitting in my debt to collect," Gittens said.
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