Do you know that by not understanding the difference between an employee and a self-employed individual working in your business with a biweekly salary of $2,500, you are inviting more than $800 in biweekly penalties and interest?
Hi! This is Assunta, your Virtual Chief Financial Officer and Small Business Chartered Professional Accountant.
Today’s Tax Tip is about Employment status saving you money. Do you understand the difference between an employee vs. a self-employed individual? If not, THAT will cost you lots of money and a visit from Canada Revenue Agency!
That’s sad and terrible!
There is a way for you not to be sad!
Understand the 6 key factors that CRA uses to determine the difference between an employee and self – employed individual:
Control, Tools and equipment, Sub-contracting work or hiring assistants, Financial risk, Responsibility for investment and management, and Opportunity for profit.
I have many more ideas to help you keep more than $800 in your wallet in The Money Tree Plan ™
Is it time for your small business to thrive? Call me. I promise to help you love your numbers!