18 — Wednesday. March 17, 1999 - North Shore News Deduct your self-emp| Mike renby money matters NOW the RRSP contri- bution deadline for the 1998 tax year has passed, about the only deduction you may claim to save tax involves self-employ- ment income. While ast month’s budget cut taxes by increasing some personal exemptions and can- celling the surtax, it left most other rules unchanged. If you are an emplovee, you should get various benefits like sick leave, paid holidays and CPP/EI contributions made on your behalf by the employer. And by now your employer should have sent you a T4 slip to show tax withheld and other details. On the other hand, 7”, are self-employed you Should be able to claim expenses incurred to earn business income. You usually don’t qualify for EE benefits and you pay double the CPP contribu- tion an employee would make. You are most likely an employce if the boss decides where, when and how the work is to be done, sets the working hours, decides your pay, supervises your activities and assesses the quality of your work. You are probably self- employed if you decide or contro! most ‘of the above “items. . You might have the best of both worlds: a regular job which provides benefits plus a ‘self-employed sideline so you may claim expenses like part of ‘home maintenance costs if you _have a home office, paying family members in a lower tax ‘bracket, travel and entertain- ment expenses, and so on. itr ean PACIFIC 984-0331 Revenue Canada’s Business and Professional Income Tax Guide has a more complete list. To claim such expenses, your business must have dat all-important “reasonable expectation of profit.” Your business plan should show vou meet this test. north shore news

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