Happy Monday, Neo community!
If you’re self-employed, freelancing, or running a side hustle, today is an important date on your calendar, it’s the June 15th Canadian tax filing deadline.
When you work for yourself, tax season looks very different compared to a standard T4 job, and it can definitely feel more complex and overwhelming.
One thing that often gets overlooked is how taxes can affect your credit. If you owe money to the CRA and it goes unpaid, it can eventually be sent to collections, which can negatively impact your credit score. On the other hand, staying on top of your filings helps you keep a strong financial track record, which matters when it comes to bigger goals like getting approved for a mortgage.
For all the freelancers and entrepreneurs here, what’s the biggest challenge you run into during tax season?