Tax and Finance for Freelancers

with Jessica Somers

So you’re a freelancer. What do you need to know to keep track of finances and file your taxes? This six-hour seminar provides an introduction to basic tax and finance issues for freelancers, including GST/HST registration, bookkeeping and record retention, and building financial stability without a salary. The day will be a mix of conversational learning and hands-on training, using a variety of helpful tools and apps to keep your finances on track.

At the end of this interactive workshop, participants will have answers to the following questions, and more:

• I’m a freelancer. How do my taxes get paid?
• What expenses are deductible? How do I keep track of them?
• Why, when, and how should I register for GST/HST?
• Should I think about incorporating?
• If I work for a client in the U.S., how is that taxed?
• How much do I need to save to pay my taxes at the end of the year?
• What are the benefits and downsides of different pricing strategies? Should I charge by the hour or by the project?
• How do I create financial stability for myself with an irregular income?

 Workshop outline

• Overview of tax considerations for freelancers
• GST registration and a hands-on activity: filing GST returns is easy!
• Keeping track of it all: an overview of what tools are out there, from Excel to accounting and invoicing software
• Saving money on bank fees, foreign exchange, and payment processing
• Interactive discussion about pricing strategies specific to editors and writers
• Protecting yourself: Workers’ Compensation Board (WCB) coverage; financing your own benefits, vacation pay, and retirement planning

This workshop is ideal for editors at any level who are freelancers or are considering freelancing. For editors new to freelancing, this workshop covers the basic essentials; veteran freelancers will learn some tips and tricks, have their questions answered, and clarify the details.

Attendees should bring a pen, paper, calculator, and laptop with Excel or another spreadsheet program. Please note that this seminar will not provide internet access for participants.

Jessica Somers is a chartered professional accountant (CPA, CGA) with over ten years of experience advising freelancers, entrepreneurs, and small businesses in Vancouver on tax, accounting, and business process. She is the co-founder of Cordova Street Consulting, a new firm in Gastown with a focus on knowledge sharing, outreach, and taking the stress and mystery out of tax. Jessica is also a facilitator and session leader at the CPA Western School of Business, where she teaches the next generation of Vancouver accountants and tax advisors.