Self- Employed Personal Taxes
For sole proprietorships and self-employed individuals, including those earning income from commissions
As per Canada Revenue Agency (CRA)
Business income includes money you earn from a:
undertaking of any kind, an adventure or concern in the nature of trade, or any other activity you carry on for profit and there is evidence to support that intention.
You have to report all amounts of income that are required for calculating income for tax purposes. If you do not report all your income, you may be subject to a penalty of 10% of the amount of income that you did not report.
Click here for a complete guide published by CRA that includes the type of expenses you can deduct and how to report your income in your next tax return.
Personal Tax Rates (CRA, 2017)
15% on the first $45,916 of taxable income, +
20.5% on the next $45,915 of taxable income (on the portion of taxable income over $45,916 up to $91,831), +
26% on the next $50,522 of taxable income (on the portion of taxable income over $91,831 up to $142,353), +
29% on the next $60,447 of taxable income (on the portion of taxable income over $142,353 up to $202,800), +
33% of taxable income over $202,800.
In addition to these rates you will need to add your provincial rate for more information click here