While traditionally all tax owing must be paid by April 30th if you’re self-employed, you and your spouse (married or common-law) have until June 15th every year to file your tax returns. As long as your return is filed by that date, you will never be charged the late filing penalty of 5%.
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Did you know that you should never pay sub-contractors in cash if you cannot provide them with a receipt? This is otherwise known as an under-the-table transaction. This goes the same for the person purchasing the contract.
The risk simply isn’t worth it. This may seem like an obvious tip, but you would be surprised just how many people are unaware of the tax implications of these sorts of decisions. You cannot ever qualify for a deduction for an expense you have incurred if you cannot provide a receipt. If the contract costs $20,000 in expenses, the person who paid it will be on the hook for all $20,000.
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If you have ever made a real-dollar gain from a Cryptocurrency, you must declare a capital gain.
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