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CRA implemented what I interpret as punitive regulations to suck what little profit a Barber or Hairdresser can earn. Jump in the discussion if I am misunderstanding any specific point. Questions are highlighted in BLUE.
The examples below are for a typical relationship where a Salon Operator provides a “Chair Rental” agreement to a self-employed barber or hairdresser. Refer to CRA link: https://www.canada.ca/en/revenue-agency/services/tax/canada-pension-plan-cpp-employment-insurance-ei...
Assumption: CRA wanted a greater EI participation rate from Barbers and Hairdressers, therefore implemented mandatory participation for “self-employed” workers under the Insurable Earnings and Collection of Premiums Regulations (IECPR).
Final words of wisdom… as I age I find it increasingly challenging to respect the decisions and regulations our government implements.
Cheers!
Hello AndrePullMyHairOut,
I see you've reached out on another Community thread, and I have responded there.
Thanks for reaching out to us here. As a self-employed individual, it's essential that you're able to calculate your net profit accurately. I would be happy to provide more information, so you're on the right track with your QuickBooks goals!
I suggest using the Self-employment tax deduction calculator to explore tailored tax write-offs, for a better understanding of self-employment deductions.
If you have any additional questions or concerns. I recommend reaching out to the CRA, or connect with an accounting professional. If you don't have an accountant, we can help you locate a ProAdvisor in your local area.
Feel free to reach back out if you have any other questions. We would be happy to help!
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