Industries · Consultants & Freelancers
Your business is you.
Your books shouldn’t be.
Independent consultants, contractors, freelancers and one-person corporations. You need simple bookkeeping, sales tax that is under control, and someone to help you think through incorporation, instalments and paying yourself.
Sound familiar?
One card for everything, sorted out in April.
You’ve been told you “should probably incorporate.”
Instalment reminders from the CRA confuse you.
Challenges
The bookkeeping problems we see most often.
- APersonal vs. business
- When everything runs through one account, legitimate expenses get lost and personal ones slip in.
- BLumpy income
- Big contracts, then quiet months. Setting aside tax as you go matters more than for salaried people.
- CIncorporation timing
- Incorporating has costs and benefits. It isn’t automatically right at a certain income.
- DInstalments
- Once tax owing passes certain thresholds, the CRA may expect quarterly instalments.
Tax notes
Tax considerations
General information based on standard CRA rules — not advice for your situation. We’ll confirm what applies to you.
- Sole proprietor
- Business income and expenses are reported on your personal T1. The filing deadline is generally June 15, but any balance owing is due April 30.
- Personal services business
- Some incorporated contractors who work like employees for a single client can face less favourable corporate tax treatment. It is worth reviewing before incorporating.
- Instalments
- Individuals may be required to pay instalments on March 15, June 15, September 15 and December 15.
Workflow
A typical year with us
- 01
Separate
Set up a dedicated business account and card.
- 02
Track
Light monthly bookkeeping with receipt capture.
- 03
Set aside
A simple estimate of tax and HST to reserve each month.
- 04
File
T1 or T2, GST/HST and instalments, on one calendar.
Reporting
What you’ll see each month
- Monthly income and expenses
- Estimated tax and HST to set aside
- Year-to-date income for incorporation discussions
Tools we commonly work with
- QuickBooks Online
- Xero
- Receipt capture apps
Product names are trademarks of their owners. Listing them does not imply a partnership or certification.
Let’s talk about your business.
Tell us where things stand. We’ll review it, talk it through with you, and send a written scope before any work begins.
- 01Tell us about your situationA short form — no documents needed.
- 02We talk it throughA conversation about what you need and what you don’t.
- 03You get a written scopeClear deliverables and a quote before anything starts.