Tax Considerations for Toronto Freelancers: Income, Deductions, HST/GST, and Tax Planning Strategies

• Freelancers and independent contractors in Toronto need to manage their taxes effectively
• They must report all income earned from self-employment activities
• They can deduct business expenses such as home office expenses, office supplies, and travel expenses
• Those with annual revenues over $30,000 must register for and charge HST/GST
• Tax planning strategies include income splitting, retirement savings, and incorporation
• Understanding and implementing these considerations can help freelancers and independent contractors optimize their financial outcomes.

Source: sdtaxlaw.ca

Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.

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