Services
Ottawa Accountant for Self-Employed Individuals
Being self-employed in Ottawa offers great freedom and flexibility, but it also comes with unique financial challenges. Managing your own business means juggling multiple responsibilities, including taxes, bookkeeping, and financial planning. At BBA Tax, we specialize in providing tailored tax and accounting services for self-employed individuals across Ottawa. Whether you’re a freelancer, contractor, or small business owner, our team of experienced accountants will help you stay on top of your finances and ensure that you’re making the most of your income.
Tax and Accounting Services for Self-Employed Individuals
As a self-employed individual, your tax and accounting needs are different from traditional employees. You need to manage income, expenses, deductions, and taxes in a way that optimizes your earnings while staying compliant with the Canada Revenue Agency (CRA). Our comprehensive services cover all aspects of financial management for self-employed individuals, so you can focus on growing your business.
Tax Preparation and Filing
We handle all aspects of tax preparation for self-employed individuals, ensuring that your taxes are filed accurately and on time. From claiming self-employment income to maximizing deductions, we ensure you pay only what you owe and avoid costly mistakes.
Bookkeeping
Our bookkeeping services help you maintain organized financial records, so you always have a clear picture of your business’s financial health. We manage your income, expenses, receipts, and invoicing to keep your books up to date.
Expense Tracking
Self-employed individuals often have a variety of business expenses that can be deducted to lower taxable income. We help you accurately track and categorize expenses, ensuring that you capture every eligible deduction.
HST/GST Filing
As a self-employed individual, you may be required to collect and remit HST/GST. We assist with filing your HST/GST returns, ensuring compliance with all CRA regulations.
Income Splitting & Tax Planning
Our tax experts help you develop a strategic tax plan that minimizes your liability while taking advantage of opportunities like income splitting, deferring income, and more.
Incorporation Services
If your self-employment income is growing, incorporating your business may offer tax advantages and protection for your personal assets. We guide you through the incorporation process and advise on when and how to incorporate.
Audit Defense
If you’re ever subject to a CRA audit, having a trusted accountant on your side is invaluable. We provide audit defense services, representing you before the CRA and ensuring that your rights are protected.
Maximize Your Deductions as a Self-Employed Individual
One of the major benefits of being self-employed is the ability to deduct business expenses to reduce your taxable income. At BBA Tax, we ensure that you take full advantage of all deductions available to you, including:
Home Office Expenses
Deduct a portion of your rent, mortgage interest, utilities, and other expenses related to maintaining a home office.
Travel & Meals
Business-related travel, meals, and entertainment expenses may also be deductible, helping you reduce your taxable income.
Vehicle Expenses
If you use your vehicle for business purposes, you can deduct a portion of your fuel, maintenance, insurance, and depreciation costs.
Supplies & Equipment
Whether you need office supplies, software, or equipment to run your business, these purchases are often tax-deductible.
Professional Fees
Deduct expenses related to your business, such as legal fees, accounting fees, and software subscriptions.
