Maximizing Your Money
Started a side hustle in 2020? Newly self-employed? Here’s what you can claim to reduce your taxes
One of the keys to prosperity and wealth accumulation is earning income from self-employment. For some, this is a full time endeavor. For others, self-employment is in the form of the “gig economy” or a side endeavour. Benefits include: control over the amount of work you take on as well as some tax lenience. Some Canadians were forced into self-employment during the pandemic and may be facing their first tax season uncertain of how to report their income and optimize their costs of doing business.