Self-Employed Taxes in Canada: How Much to Set Aside for CPP, EI & Income Tax

One of my most popular blog posts is about self-employed taxes in Canada, so I thought it was high time I make a video on this topic because I get so many questions about this. So this is specifically for anyone who is a sole proprietor. That means you can be a freelancer, work a day job with a side hustle, or are a small business like me. Moreover, this video is about self-employed taxes (meaning income taxes), not sales tax. I have another on sales tax (GST, HST, PST) linked below that you should watch too.

HELPFUL RESOURCES

➡️ Self-Employed Taxes in Canada: https://jessicamoorhouse.com/self-employed-taxes-in-canada/
➡️ Sales Tax in Canada: https://jessicamoorhouse.com/sales-tax-in-canada-hst-gst-pst-self-employed/
➡️ CRA's list of business expenses: https://www.canada.ca/en/revenue-agency/services/tax/businesses/topics/sole-proprietorships-partnerships/business-expenses.html

CHAPTERS

00:00 Introduction
01:33 How I Make a Self-Employed Income
02:50 What Does "Self-Employed" Mean?
03:50 Why You Need to Pay Self-Emloyed Taxes in Canada (Even If It's a Side Hustle)
04:15 What Do You Actually Have to Pay?

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ABOUT ME

I'm Jessica Moorhouse, a money expert, Accredited Financial Counsellor Canada, speaker, blogger, YouTuber, and host of the More Money Podcast. I'm based out of Toronto, ON, Canada and turned my personal finance blogging side hustle into my full-time business so I could spend all my time teaching others how they can take control of their lives by taking control of their money. To learn more, check out my website https://jessicamoorhouse.com

#selfemployed #taxesincanada #soleproprietor

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DISCLAIMER & DISCLOSURE

The content I produce is for education and entertainment purposes only. Nothing on this YouTube channel, my website or affiliated channels should be considered financial, investment or legal advice, or an endorsement for any type of service, product, or brand. Some links in this description may be affiliate links in which I may earn a commission at no extra cost to you. Please read my disclaimer to learn more: https://jessicamoorhouse.com/disclaimer/