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How much money can I make in Canada before I have to pay taxes on it?
I am a stay at home mum and I don't have any income beyond what I get from the government in the form of Baby Bonus and Universal Child Care Benefits. (I live in Ontario). I want to start an Etsy business but I don't know how much I am eligible to make before I have to pay taxes on it. My income from the government comes to about $3000/year and I file my tax form along with my husband who lists me as a dependant. I don't expect to make much on Etsy, its just a hobby but I don't want to get into any trouble.
3 Answers
- MommyLv 51 decade agoFavorite Answer
LaLa is right, but with last year's numbers. The base personal amount federally has been increased to $10,375. Ontario's is $8881. Plus, on your federal return you would be eligible to claim an additional child amount of $2089. Keep in mind that if you make over $8881, you will be responsible for the Ontario portion of income tax, but not the federal portion. For federal tax purposes, you can make $12,464 before you will owe income tax. If Etsy is an at-home business (not sure?) you can claim certain home and travel expenses as deductions as well, so save receipts from all of your home bills (power, heating, water, etc) and your gas bills. You only get a certain portion of your home bills to write off (home office), but can probably write off your entire gas bill. If you need additional information, you may want to see an accountant. Good luck!
Source(s): I do the books for my husband's at home business and have worked in payroll. - LaLaLv 61 decade ago
The basic personal amount is $9600 so you can make up to that before you have to pay taxes on it, BUT you are still required to declare that income on a tax return. The spousal amount that your husband gets for you will be reduced by any income that you make and your other benefits might change slightly since they will use both your incomes to calculate the amounts. If you make OVER the $9600, your husband will not be able to claim the spousal amount.
- Anonymous5 years ago
anywhere from $0 to $1,000,000,000. It depends on your job and skill set.
