Question about CANADA self-employment & income tax!?

I am sick of reading and going through tons of forms and websites, so if someone can give me a more realistic answer I would appreciate it.


I have just started a new job (SELF-EMPLOYED) doing translations and I will be earning about 3000 dollars a month.





Could some one tell me how much in all (maybe a percentage) of my monthly earnings I would have to pay as income tax, CPP, EI and the likes?





I live in Halifax, Nova Scotia.





Thanks!

Question about CANADA self-employment %26amp; income tax!?
EI - you're EI exempt since you're self employed, so you don't pay EI, nor are you entitled to claim EI.





CPP - you have to remit 9.9% of your income to the CRA for CPP. The first $3,500 of income you earn is CPP-free and everything from $3,500.01 to $44,900 is subject to the 9.9% tax





Finally income tax is remitted using the formules laid out by the CRA. Probably the easiest way to calculate it is from the CRA's calculator at http://www.cra-arc.gc.ca/eservices/tax/b...





Also you're going to have to register your self-employed business with the CRA.
Reply:Thank you very much for your accurante answer! Report It

Reply:I mean, accurate. Report It


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