What are my tax obligations as a self-employed individual?

As a self-employed individual, you have several tax obligations to fulfil. Here are the key points:

• File a T1 Income Tax Return : You must report your self-employment income on your personal income tax return, specifically Form T2125 - Statement of Business or Professional Activities.
• GST/HST Registration: If your worldwide taxable supplies exceed $30,000 in one calendar quarter or over the last four consecutive calendar quarters.
• Canada Pension Plan (CPP) Contributions: As a self-employed individual, you're responsible for employee and employer portion of CPP contributions.
• Employment Insurance (EI) Contributions : Although optional, these contributions provide temporary financial assistance if you become unemployed or unable to work due to illness or maternity leave.
• File your taxes on time: The filing deadline for self-employed individuals is June 15th, but any taxes owed must be paid by April 30th.