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Tax Deductions for Self-Employed Workers in Canada

Explore the beneficial tax deductions available to self-employed individuals in Canada. Reduce your taxable income by taking advantage of deductions for home office, vehicle expenses, business expenditures, and contributions to your Registered Retirement Savings Plan (RRSP). Maximize your tax benefits while staying fully compliant with the Canada Revenue Agency (CRA) regulations. Consult our comprehensive guide to optimize your tax situation as a self-employed worker.

Key documents to enclose with your tax return

Essential documents for your tax return: T4, T5, T4RSP, T4A, RC62 slip, T5007, Relevé 5, income and expense form, RRSP contribution receipts, T2202, charitable donation receipts, adoption invoices, medical expenses, public transit receipts. Maximize your tax benefits by being well prepared!

Eligible dependant tax credit

Applying for this credit is not as straightforward as applying for other credits for parents and carers of dependants.