I am working as software consultant on contract. Recently i have open incorporation. Can anyone help me how to save taxes.

1. What types of expenses we can show at the year end.
2. I am collecting 7% GST from the client. Should i pay all 7% of GST to CCRA.
3. If someone now good accountant, please let me know.

thanks

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Originally posted by chidesi85

I am working as software consultant on contract. Recently i have open incorporation. Can anyone help me how to save taxes.

1. What types of expenses we can show at the year end.

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Quote:

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2. I am collecting 7% GST from the client. Should i pay all 7% of GST to CCRA.

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Quote:

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3. If someone now good accountant, please let me know.

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thanks

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Chandresh

Advice is free – lessons I charge for!!

Chandresh,
If I get a software project on contract and the company pays me roughly about 65K for it how much tax am I expected to pay by the end of the year.

I own a detached home and two cars.There will be a threshold level that we would pay just to show that we are paying taxes.

Thanks,
Jack109

Chandresh's comments were "tongue in cheek" - meaning he was mostly joking. I have no idea if Chandresh is really an accountant or not - but do you really expect to get a full tax liability assessment here??

Why don't you approach an accountant - especially one that is knowledgable in the corporate tax field - make an appointment for an hour and discuss this at length. It may cost you $ 100 but you stand to gain a lot more. And if you like the accountant and you have a meeting of the minds - then you can hire him/her to do your taxes for you.

I use a corporate accountant (in the Toronto area) to do my taxes and if you want a reference - message me.

BV

Here is the list of some ( but not limited to ) expenditures that I claim being a self employed person having a Inc ..
1. My computer room in my house as a part of office ..
2. Partially my home tel bill ..
3. I have two cars ..One car is registered as Biz car ..So I claim my insurance , gas & mntce expenditures ..
4. All food bills ..
5. Stationary if any
6. depreciation on my computer
7. Airfare for businesstrip if any including boarding and lodging charges.
8. My wife is paid by my Inc for bookkeeping ..

If you want more and precise information it is definitely a better idea to hire a professional accountant ..
If you need any further specific information pls ask ..
Best of luck
Ashwani

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Growing Old Is Mandatory ..Growing UP is Optional

Hi,
I recently created a numbered incorporated account and will be self-employed through it starting next week. I am a IT project manager and I am looking for a good accountant in North York/Mississauga area to help me understand what I can or cannot claim as expenses. The other questions that I have are:
What is the frequency of tax and GST payments and how would those payments be made.
I will be listed as an employee of my own company. What is the process to pay CPP and what is the frequency with which that payment has to be made to the government.

I guess a lot of CDs can readily give the answers that I am looking for and I would appreciate all such responses. However, I would still like to get some recommendations for an accountant who works with IT professionals.

Regards,
Souvik

Hi Souvik ,
The best thing to pay your GST is quarterly .. You can send a fixed amount to CCRA every 3 months . If you dont and just pay by the end of year all at once you might see a big hole in pocket ..It is always easier to pay in installments rather than one big amount ..I have tried both options and now quarterly certainly works better for me ..Feel free to ask any questions . I will definitely reply if I know correct answer as a self employed myself ..
Ashwani

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Growing Old Is Mandatory ..Growing UP is Optional