We love the fact that women and Gen Z are making their dreams come true by becoming small business owners. But being your own boss comes with a whole new set of responsibilities, including filing a tax return that is a little more complicated than the average corporate girlie’s. To take the stress out of tax time, TurboTax is here to break down the process, highlight key deductions and provide expert-backed tips so you can take charge of your taxes with confidence.
If you get tax-time anxiety, you’re not alone. Nearly half of all Canadians admit to having little to no knowledge of how to file their taxes, while one in three of us say that tax season fills them with dread, with anxiety soaring among Gen Z and women.*
Whatever your tax style, TurboTax has you covered with best-in-class tax solutions to meet your needs. Here are three tips from TurboTax for filing if you’re self-employed.
Take Advantage of Tax Deductions
There are some not-so-obvious deductions that can help reduce your taxable income. Here are a few you might not have considered:
- Marketing and Advertising Expenses:Â This can include costs for Canadian radio, TV, and newspaper ads, as well as digital advertising, domain registration and web hosting.
- Insurance:Â Premiums for commercial insurance on business-related buildings, machinery and equipment are tax deductible.
- Business Mileage:Â If you use your car for your small business, you can deduct the round-trip mileage as an expense.
- Private health services plan premiums: Payments made for health plans covering you, your employees and their dependants qualify as tax deductions.
- Accounting and tax prep software: If you’re self-employed or run your own small business, you can even claim tax preparation software like TurboTax.
This is not an exhaustive list, but you can visit TurboTax for a more comprehensive  and the CRA website for any requirements you need to meet when filing.
File Your Taxes on Time
If you don’t owe taxes, the self-employed tax return deadline is June 16, 2025, but if you owe taxes, you’ll need to file your return and pay any balance by April 30, 2025, to avoid penalties and interest. Unpaid balances after April 30 will start accruing interest and penalties as of May 1, 2025. Additionally, the CRA charges interest on late or insufficient tax installments at a prescribed rate that updates every three months, so be sure to file and pay on time to avoid any penalties.
Even if your business didn’t generate income, you must still report it on your tax return. If your business operated at a loss, you may be able to apply that loss to reduce your taxable income.
Whether you’re an independent contractor, freelancer, small business owner or anything in between, you can feel confident that TurboTax can help you accurately claim your self-employed income and expenses.  makes it easy to connect with a tax expert who will give you unlimited help and guidance as you prepare your return and final review before you file, so you can be confident your taxes are done right.
°Â¾±³Ù³óÌý,  you can have your taxes prepared, signed and filed by a tax expert with an average of 10 years of experience. And because every dollar of your hard-earned money matters, TurboTax can help get you the biggest refund possible or minimize what you owe so you have more money to achieve your goals.
Ready to tackle your taxes? Visit  to learn more.
Preparing your small business tax return is no easy feat – especially if it’s your first time! Now you can feel confident and supported with expert help so you maximize your return – you’ve earned it!Â
*These findings are from a survey conducted by Citizen Relations among a representative sample of 1,509 online Canadians who are members of the Angus Reid Forum. The survey was conducted in English and French. For comparison purposes only, a probability sample of this size would carry a margin of error of +/-2.53 percentage points, 19 times out of 20.
This content was created by The Kit; TurboTax sponsored and approved it.
