The filing deadline of a given taxation year’s personal tax return is normally April 30 in the following year.

If you are self-employed, you have until June 15 in the following year to file your tax return. However, you need to be mindful of a key requirement: if you have taxes owing, you are required to pay the balance by April 30. Otherwise, the CRA will charge interest. Therefore, I suggest that you file by April 30 to be safe.

For any employee, there is a limited number of items that you may deduct against your income. The best and most common deduction is your Registered Retirement Savings Plan (“RRSP”) contribution.

Depending on the nature of your employment, you may be allowed to claim certain employment expenses, but your employer must issue you a T2200 slip (Declaration of Conditions of Employment).

Generally, all expenses directly related to your business (e.g., advertising, cost of goods purchased for sale, etc.) can be deducted.

In addition, if you use your personal items for your business, such as phone, car, and home, you may also claim a portion of these expenses. However, you may need to keep a log to track usage to support the amount claimed.