By Fanny Samaniego – Holistic Financial Coach & Mortgage Agent | Toronto, Ontario
Stepping into self-employment is empowering — you're building your own path, following your passion, and growing something of your own. But with that freedom also comes new responsibility, especially when it comes to taxes.
Whether you’re freelancing, consulting, creating content, driving for Uber, or running your own wellness business, one of the most important ways to stay in control is to plan ahead — not just at tax time, but throughout the year.
As a holistic financial coach with years of experience supporting self-employed individuals in Toronto and beyond, I help entrepreneurs like you stay organized, reduce stress, and build sustainable income — one mindful step at a time.
Here’s your guide to tax planning the holistic way.
🌱 Why Holistic Tax Planning Matters
Being self-employed means you wear many hats — creator, marketer, bookkeeper, and CEO. That can be exciting, but also overwhelming.
Holistic tax planning is about more than deductions — it’s about building calm, clarity, and confidence into your business finances. It connects your taxes to your goals, your time, and your wellbeing.
Ask yourself:
- Do I feel organized when it’s time to file, or panicked?
- Do I understand what I owe and why?
- Am I building habits now that will help me grow later?
If the answer is no, this guide will help you shift.
🧾 Step 1: Know What Counts as Business Income
In Canada, self-employment income includes anything you earn outside of a regular paycheck. This could be:
- Freelance or contract work
- Client sessions (coaching, healing, design, etc.)
- Product or digital sales
- Rental of equipment or space
- Tips or bonuses from platforms like Uber, DoorDash, or Etsy
You must report all income, even if you’re paid in cash or through apps. The CRA expects accuracy and transparency.
📁 Step 2: Track Everything (Yes, Everything)
Start a simple system to track income and expenses monthly — not just at tax time. You’ll thank yourself later.
Suggested setup:
- A business bank account (even if it’s just for separation)
- A spreadsheet or app (like QuickBooks, Wave, or Notion)
- A Google Drive folder with receipts, invoices, and tax docs
- A shared note for mileage, tips, or cash transactions
💡 Tip: Don’t wait until you’re “big enough” — building good habits now creates sustainable growth later.
💸 Step 3: Understand Deductions You Can Claim
As a business owner, you can deduct reasonable expenses that support your work. These may include:
✅ Home office (a portion of rent, internet, utilities)
✅ Phone or data used for work
✅ Business-related travel or meals
✅ Professional software or subscriptions
✅ Marketing or design services
✅ Coaching, education, or training
✅ Equipment, tools, packaging, delivery costs
Your expenses should be directly related to earning business income — not personal.
🗓️ Step 4: Plan for Taxes Throughout the Year
Unlike salaried employees, no one is deducting taxes for you. That means you need to:
- Set aside 20–30% of your income for taxes
- Make quarterly installments if your income grows
- Keep track of GST/HST if you earn over $30,000/year
- Plan for CPP contributions (self-employed pay double)
💡 Tip: Open a “tax savings” account and transfer a % of every payment you receive. Treat it like rent — non-negotiable.
🧘 Step 5: Stay Grounded and Get Support
You don’t have to figure it all out alone. Taxes are important, yes — but they’re not your identity. You’re allowed to ask for help, and you deserve support that meets you where you are.
I help self-employed clients:
- Set up simple, sustainable tax systems
- Translate CRA letters and deadlines
- Plan for tax season with peace and purpose
- Grow their side hustle into a stable, income-generating business
Whether you're just starting or ready to scale, I’ll help you connect the dots between your money, your mindset, and your mission.
Ready to Feel Empowered — Not Overwhelmed?
👉 Book a free discovery call and let’s build a tax strategy that brings clarity, calm, and confidence to your business finances.
Serving self-employed professionals across Toronto & the GTA.
English & Spanish support. Always heart-centered. Always practical.