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Self-employed tax services

If you are a self employed entrepreneur and you are worried about your self-employed taxes, Madan Chartered Accountant can provide you with a range of self employed tax and accounting solutions. We can take care of your tiresome taxes, as well as the burdensome accounting associated with your business.

Our self-employed tax services include the following:

  • Self-employed Tax Return preparation.
  • Bookkeeping.
  • Financial Statements.
  • Financing (e.g. bank loans).
  • Business consulting.


How to save taxes for self-employed in Canada

By: Allan Madan | July 18th, 2010 | Tax, US Tax, Canadian Tax Read more

If you want to know the innovative ways in which you can save endlessly on taxes, then read on. These proposed strategies are simple but extremely effective. A few, simple techniques highlighting the ways in which you can save on self employed taxes can help your business out immensely.


Mississauga Accountants - How to save business taxes in Canada

By: Allan Madan | Sep 6th, 2009 | Tax, US Tax, Canadian Tax Read more

Whether you are self employed, an investor, or just another individual frustrated with the large amount of tax payments, we can help you save. Whether its self- employed tax, corporate income tax or just soaring income tax rates that are getting you down, we can provide solutions. Continue reading, to get detail on the numerous ways in which you can save thousands of dollars.


Should I pay myself salary or dividends from my corporation as a business owner

By: Allan Madan | Dec 8th, 2010 | Tax, US Tax, Canadian Tax Read more

Being self-employed and running your own business always gives rise to the old age question of paying yourself a salary or dividends. In order to save on self-employed tax and accounting costs, this question should be carefully thought about. Read on to find a comprehensive list of the advantages and disadvantages of paying yourself a salary or dividends, in order to make the most educated choice.


About the Author – Allan Madan

Allan Madan is a CPA, CA and the founder of Madan Chartered Accountant Professional Corporation. Allan provides valuable tax planning, accounting and income tax preparation services in the Greater Toronto Area.

If you find this information useful, kindly +1 and follow Allan Madan on Google Plus by clicking on these two buttons.


# Alex 2014-09-15 22:00
I am the owner of my own start up tech company. This will be the first year filing my income taxes. I wanted to know what sort of items am I required to complete before I file.

# Allan Madan 2014-09-16 18:39
Hi Alex,
Before you start filing your company tax return, you should first organize your accounting records as follows:
1. Create a separate file folder for expense receipts for each month (January to December)
2. Attach the receipts (in chronological order) to the associated bank statement or credit card statement
3. Print out all sales invoices and arrange them by date or invoice #
3. Enter sales invoices, bank transactions and credit card transactions into an accounting program, like Wave Accounting. See
4. Generate the income statement, balance sheet, and trial balance reports from the accounting program
5. Hire an accountant to prepared the year-end corporate tax return and financial statements
# Prince 2014-10-02 15:18
I am a self employed individual. I want to know if I need to register for a hst account.
# Allan Madan and Team 2014-10-02 15:20
Hi Prince,

If your sales exceed $30000 then yes you will be required to register for a Hst account.
# Prince 2014-10-16 19:38
Thanks Allan. I do expect my small business to have over $30,000 in sales this coming year. Can you please provide me instructions on how I can register for HST?
# Allan Madan and Team 2014-10-16 19:38
Hi Prince,

You can register your HST account for your small business by:

- Internet at
- Phone at 1-800-959-5525.
- Mail or Fax by completing form RC1 request for Business Number

We do offer theses services at our firm along with HST returns for your sole proprietorship.
# Jan 2014-10-24 21:25
I was recently told I needed to set up a business number for my self employed business. I wanted to know how I would go about getting one?
# Allan Madan and Team 2014-10-24 21:26
Hi Jan,

You will need to provide the CRA with your name and scoial insurance number. Your self employed business can apply for a business number either by calling 1-800-959-5525 or by mail or by completing form RC1 Request for Business number and sending it to your local CRA office.

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