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Your first self-employed year

A practical timeline from your first job to tax season.

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  1. Before your first job

    Confirm your working relationship and business structure; decide how you will keep invoices and receipts.

    Do I need to report this income?

  2. Month one

    Record gross income, expenses and any business trips; reconcile the first statement.

    Monthly bookkeeping checklist

  3. Each quarter

    Review taxable sales for GST/HST and whether income-tax instalments apply; revisit your tax reserve.

    GST/HST threshold calculator

  4. Year end

    Reconcile invoices and payments, inventory if relevant, equipment and business-use allocations.

    Can I deduct this?

  5. Tax season

    Gather statements and receipts, confirm deadlines and separate paying a balance from filing the return.

    Self-employed tax calendar