Tax question

[MonkeyPrincess]

As a self employed person, you MUST pay into CPP. You pay both the personal and employer contributions. You do not have to contribute to EI but of course you can not collect it.

CPP payouts at retirement are based on how much you have contributed.

If you manage to claim expenses that bring your income down to the lowest level then you will not owe any tax. It would be rare for this to happen after the first few years unless you are not actually making any money.

So technically what you heard is correct. You can not claim EI if you do not pay into it and your CPP when you retire will be based on your contributions.

See this is why i think i was told that. After deductions (yes, i deduct all that i can) i don't quite make the maximum non taxable amount (called the basic personal income?). Maybe that's why?? I don't have all full timers in my care so i don't make anywhere near 18,000 (only in my dreams

[Crayola kiddies]

See this is why i think i was told that. After deductions (yes, i deduct all that i can) i don't quite make the maximum non taxable amount (called the basic personal income?). Maybe that's why?? I don't have all full timers in my care so i don't make anywhere near 18,000 (only in my dreams

ok well I don't know about what you have to pay if you don't make the basic personal amount but I have basically had all full timers (had two kids go to pt during mat leave) in my care for the last several years and make well over the basic amount after deductions and since starting my dayhome have never had a refund