KEEP IT SIMPLE SILLY

A key pillar of reporting your income to the Canada Revenue Agency is to accurately report your income and expenses. This is important because we do not want to end up paying more tax than is necessary. We are not required to incorporate a new business in order to accomplish this task.

At the end of sorting out receipts and adding up weekly statements, Form T2125- Statement of Business or Professional Activities will be attached with your T1- General Returns, Forms and Schedules

It is important to stress, that we are not actually going to complete this form as it should be reviewed by a certified tax professional. Our focus is going to be how to organize the required information. A tax accountant will not be happy if you drop a shoe box of receipts on his or her desk.

Slowing things down, not overthinking things, Keeping It Simple Succeeds in completing tasks right the first time.