knowledge topics

Income Received by Self-Employed Business Owners

Explain the factors the Canada Revenue Agency considers when determining whether an individual is self-employed or an employee.¹
Explain that any undertaking for the purposes of business must have a reasonable expectation of profit in order for income earned to be classed as self-employment income and allowable deductions to be permitted against such income.²
Explain the factors the Canada Revenue Agency considers when determining if a business has a reasonable expectation of profit.³
Identify the types of self-employment income.⁴
Explain the tax impact of receiving each type of income.
Estimate the tax impact of receiving each type of income.
Explain the methods of accounting used by businesses.⁵
- Cash
- Accrual

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previous / Income Received from Farming and Fishing