Tax Services for Self-Employed Professionals in Mississauga
Working for yourself means handling your own income records, expenses and tax obligations. Yass Financials helps self-employed professionals, freelancers and contractors in Mississauga keep their records organized, file accurately and plan for what they will owe.
Tax support built for people who work for themselves
How are self-employed people taxed? Self-employed individuals file a personal income tax return and report their business income and expenses on form T2125, which is part of that return. Because no employer withholds tax, they are responsible for setting money aside, and the CRA may require them to pay by instalments during the year.
Yass Financials works with sole proprietors, freelancers, consultants and contractors who want their taxes done correctly and their records in order, without having to become bookkeepers themselves.
What we help with
- Your annual return, including business income and expenses on the T2125.
- Expenses: making sure business costs are recorded and supported by receipts.
- Home office and vehicle: working out the business share where the CRA's conditions are met.
- GST/HST: understanding whether you need to register, and keeping the records organized.
- Setting money aside: estimating what you are likely to owe so tax time is not a surprise.
- Record keeping through the year, with monthly bookkeeping if you want it.
A simple process
- Tell us about your workWhat you do, how you are paid and how you track income and expenses today.
- Get a clear document listIncome records, expense receipts, vehicle and home details, and GST/HST information if you are registered.
- Return prepared and checked twiceYour return is prepared, reviewed and explained before it is filed.
- Plan for next yearWhat to set aside, what records to keep and whether ongoing bookkeeping would save you time.
Common problems we solve
- Receipts scattered across email, apps and a shoebox
- Personal and business spending mixed on the same account
- Not knowing how much to set aside for tax
- Uncertainty about GST/HST registration
- A tax bill that was larger than expected last year
Home office expenses
The CRA allows a deduction for the business use of a workspace in your home if it is your principal place of business, or if you use it only to earn business income and regularly meet clients there. See the CRA's business-use-of-home expenses page.
This page is general information. Which expenses and rules apply to you depends on your business, and is reviewed in your consultation.
Frequently asked questions
Do self-employed people file a different tax return?
No. Self-employed individuals file the same personal income tax return, and report business income and expenses on form T2125, Statement of Business or Professional Activities, which is part of that return.
What expenses can a self-employed person deduct?
Generally, reasonable expenses incurred to earn business income, such as supplies, software, advertising, professional fees and a share of vehicle and home costs when the CRA's conditions are met. Which ones apply depends on your business, so they are reviewed with you.
Do I need to register for GST/HST?
Most businesses must register once their taxable sales go over $30,000 in a single calendar quarter or over four consecutive calendar quarters. You can also register voluntarily below that amount. We can help you work out where you stand. CRA: when to register.
Can you keep my books during the year too?
Yes. Monthly bookkeeping keeps income and expenses organized as you go, so your return starts from records that are already complete. More about bookkeeping.
Further reading
Personal Tax Checklist for Ontario Residents
A practical checklist of the slips, receipts and records Ontario residents commonly gather before preparing a personal tax return.
Read the guideWhat Documents Does a Bookkeeper Need Each Month?
The statements, receipts and reports a small business should send its bookkeeper every month, and why each one matters.
Read the guideWhen Does a Small Business Need to Register for GST/HST?
How the $30,000 small-supplier test works, when Ontario businesses and self-employed people must register for GST/HST, and when registering early makes sense.
Read the guideWorks well alongside
Bookkeeping
Monthly reconciliation and clean, current books, so you always know where the business stands.
Learn morePersonal Tax Preparation
Personal returns prepared carefully and explained in plain language, for individuals, families and self-employed clients.
Learn moreTax Planning & Advisory
Year-round conversations about upcoming tax obligations and timing, so you can prepare before deadlines arrive.
Learn moreTalk to us about your self-employed taxes
Tell us what kind of work you do and how you keep your records today.