I’m Fanny — a heart-centered financial coach and licensed Mortgage Agent (Level 2) in Toronto. If you’re self-employed (consultant, wellness practitioner, creative, tradesperson, or entrepreneur), taxes can feel overwhelming. With the right systems, habits, and clarity, tax season becomes calm and predictable.
My approach: technical precision + nervous-system calm. We design money routines that fit your life — not someone else’s spreadsheet.
- Book your free discovery call: /en/contact
Quick Snapshot: What “Good” Looks Like
- Three accounts: Income → Operating → Tax Reserve (automated transfers)
- One tracker: income, invoices, receipts, mileage (update weekly 10–15 min)
- Monthly: reconcile bank/credit, label expenses, top up Tax Reserve
- Quarterly: review profit, file HST (if registered), adjust pricing
- Year-end: clean receipts, check RRSP/TFSA, deliver a neat package to your tax pro
1) Set Up Your Core System (30–60 Minutes)
Three accounts: Income (deposits only), Operating (spending), Tax Reserve (no card). Automation: move 25–30% of every deposit into Tax Reserve; pay yourself on a schedule; transfer operating costs.
Weekly 15 minutes: enter payments, snap receipts, tag categories, record mileage, glance at Tax Reserve.
2) What to Track (Simplify)
Income (date, client, invoice #, amount), expenses (vendor, category, amount, receipt link), home office (sq ft %, rent/mortgage interest, utilities, internet), vehicle (business km vs total), HST/GST (collected vs paid), CRA notices, bank/credit statements, contracts.
Suggested folders: Taxes-2025/ 01-Income 02-Expenses 03-Home-Office 04-Vehicle 05-HST 06-CRA-Notices 07-To-Accountant
3) Deductions You Can Claim
Home office %, phone/internet/software/subscriptions, marketing (design, ads, coaching), equipment & tools, supplies, payment fees, professional fees, business insurance, travel & meals (limits apply), vehicle (lease/CCA etc. prorated by km). Keep business and personal separate.
4) HST / GST — When to Register
Mandatory when taxable revenue exceeds $30,000 in a single quarter or 4 consecutive quarters. Optional early registration can unlock input tax credits. If registered: add 13% (Ontario) to invoices, track collected vs paid, file and remit on time, and park HST in your Tax Reserve.
5) How Much to Set Aside for Taxes
25–30% of net income is a safe baseline. Factor in CPP (both halves). CRA may require quarterly installments — normal. Keep Tax Reserve in high-interest savings with automatic transfers.
6) Sole Prop vs. Incorporation
Consider incorporation when you earn more than you need personally (retain earnings), want liability protections, or client contracts require it. Decide after a calm numbers review.
7) Year-End Checklist
Reconcile statements, ensure receipts are stored, update home office % and vehicle log, confirm RRSP/TFSA/FHSA contributions, pull outstanding invoices/WIP, deliver one clean “To-Accountant” folder.
8) Common CRA Letters (Don’t Panic)
Installment reminders (schedule), pre-assessment review (reply with neat PDF), HST notice (file & pay).
Reply script:
“Please find attached the requested receipts/statements for period __ to __. Totals reconcile to filed return. Let me know if further clarification is needed.”
9) Your Quarterly Rhythm
Jan–Mar: new tracker, automate transfers, check TFSA room.
Apr–Jun: HST filing, pricing review, cash-flow check.
Jul–Sep: adjust set-aside % if income shifts; mid-year tidy.
Oct–Dec: year-end planning (RRSPs, investments, equipment), prep accountant package.
Tools & Templates
Self-Employed Cash-Flow & Tax Tracker, Pricing Worksheet, and Checklists (home office, vehicle, year-end) at /en/tools.
Work With Us
You deserve a calm, repeatable system that respects your time, lowers stress, and grows your wealth.
- Book a free discovery call: /en/contact
- Explore all our Tools: /en/tools
Holistic. Professional. Bilingual. Toronto-based.
Educational only — not legal or tax advice.