Tax Tip: Are You Self-Employed?

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OTTAWA, ONTARIO--(Marketwire -03/27/12)- Did you know?

As a self-employed individual, you have until midnight on June 15, 2012 to file your 2011 income tax and benefit return. You must pay any balance owing for 2011 on or before April 30, 2012, regardless of your filing date.

Important facts

- If you earned self-employment income from a business you operate yourself or with a partner, you should report it on your general income tax and benefit return. For more information, go to www.cra.gc.ca/selfemployed.

- Keep adequate records if you are carrying on a business or engaged in a commercial activity in Canada. The records have to provide enough detail to determine your tax obligations and entitlements and have to be supported by original documents.

- If you receive income that has no tax withheld or does not have enough tax withheld for more than one year, you may have to pay tax by instalments. This can happen if you receive rental, investment, or self-employment income, certain pension payments, or income from more than one job. For more information, go to www.cra.gc.ca/instalments.

The Canada Revenue Agency's (CRA) online services make filing even easier

With the CRA's online services, you can file your return, track your refund, and change your personal information. You can also sign up for direct deposit to receive your refund directly into your account at your Canadian financial institution - no more waiting for cheques to arrive in the mail. It's fast, easy, and secure. For more information, go to www.cra.gc.ca/getready.

Stay connected

To receive updates when new information is added to our Web site, you can:

- Follow the CRA on Twitter - @CanRevAgency

- Subscribe to a CRA electronic mailing list.

- Add our RSS feeds to your feed reader.

You can also visit our YouTube Channel for tax-related videos.

Contact:

Noel Carisse
Media Relations
Canada Revenue Agency
613-952-9184

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