3 Simple Tax Strategies for Side Gigs & Freelance Work

0:00From the Daily News Now Network, this is Toronto News Today. Many Canadians now earn income from more than one source, like side gigs, freelance work, or investments. This setup brings financial freedom, but often turns tax season into a headache. With filing underway, three simple strategies can help you stay on top of it all and file without stress. Start by tracking every dollar earned last year. Pull together slips for employment like T4s, freelance T4As, investment T5s, business forms like T21, 25s, tips, and self-employment pay. Tools that auto fill from the Canada Revenue Agency make this quicker and cut down on errors. For those with side hustles, treat them like a real business to claim deductions. Things like a portion of home office costs, internet, supplies, fees, and work travel often qualify, but pro-rate them based on business use. This can lower what you owe significantly. Freelancers and the self-employed must handle their own tax payments, unlike regular paycheck folks.

1:04A smart move is setting aside 25% of each payment in a dedicated savings account. That keeps surprises away come filing time. Self-employed filers have until June 15, 2026 to submit returns, though any balance due hits, April 30, 2000. 26 to Dodge Penalties. Getting organized now sets you up for smoother sales next year too.