80 - Tax Trouble When Self Employed

If you earn income from a sole proprietorship or partnership, in other words self employed, you’re responsible for tracking your income and expenses and paying taxes. But as you know or will find out, self employed taxes are a bit more complicated than regular taxes. Ideally, to keep on top of your taxes, they should be paid quarterly or annually to avoid any interest charges or penalties. But many self employed people don’t live in that ideal world and struggle with bookkeeping and accounting. 

Derek Chase has been a Licensed Insolvency Trustee for over 25 years and shares his knowledge about filing taxes and avoiding tax debt. In this podcast he covers:

• Different types of taxes for the self employed  
• Consequences of missing deadlines or not filing taxes
• Fines, penalties, and interest rates charged by the CRA
• Strategies to stay on top of your taxes
• Advantages of hiring a bookkeeper

If you are struggling with tax debt and need advice, a Licensed Insolvency Trustee should be your first call. They are licensed and regulated by the Canadian government and adhere to strict ethical guidelines. 

Derek Chase is a Licensed Insolvency Trustee in British Columbia. He has been helping individuals and corporations restructure their debt since 1997. His areas of practice include personal and corporate insolvency including Consumer Proposals and Bankruptcy. The best part of his work is to be able to witness lives change for the better when the heavy burden of unmanageable debt is lifted. 

• Derek L Chase & Associates Ltd. Licensed Insolvency Trustee
• Tax Debt Help – What You Need to Know
• How Your Income Tax Return Is Filed During Bankruptcy