An independent contractor is a self-employed professional who provides services on their own terms and is not employed by anyone. They can be consultants, real estate agents, freelancers or contractors in various industries.
Unlike employees, independent contractors have different work structures and handle their financial paperwork differently.
Accounting requirement and ax obligations for independent contractors in Canada are distinct from those of employees due to the nature of their work. They are responsible for tracking and recording their own income and expenses since no organization manages their pay or records for them.
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Managing Bookkeeping or Payroll or Taxes are important aspects of accounting for independent contractors. As they often work independently, they need to handle complex tax and accounting tasks on their own. It’s important to stay organized and fulfill CRA obligations to ensure smooth financial management as an independent contractor.
Are you a contractor facing accounting and taxation challenges?
We’re here to help. At Veracity Accounting, we provide a free consultation to understand your needs and offer effective bookkeeping or payroll solutions for all your accounting requirements.
Contact us today to explore how we can add value to your business.