Wednesday, April 30, 2008

So what did I learn from tax season?

Taxes are done and in, and let me tell you: having an accountant do them is a godsend!

It wasn't the best case scenario for rebate/payments, but I did learn one very important thing:

If you're working as a sole-proprietor and the agency you're going through gives you a T4 at the end of the year, ASK QUESTIONS. Turns out that organizations that claim to have to with-hold EI or CPP don' least they shouldn't be for fully independant workers....and that's what happened with one gig I did for a local head-hunting firm.

As a result, that amount had to be recorded as taxable income (there's a T4...T4 = you worked somewhere).

I'm curious to see the actual print-outs to see how it was all calculated, but so far my first 6 months has had some good lessons learned, and I didn't take too much of a we'll see what shakes!

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