05/04/2026
One of the biggest things I see in my profession is people jumping into self employment for the wrong reasons usually thinking they’ll make more money or have more time with family. The reality though is that it’s not for everyone.
Self-employment is often more demanding than a 9–5. If you don’t work, you don’t get paid. Time off means no income. You’re responsible for your own benefits, your own structure, and staying disciplined with your finances.
A few areas that tend to catch people off guard:
HST (Sales Tax)
This money isn’t yours as it belongs to the government. You’re simply collecting it. Many are shocked at what they owe at year-end because they’ve spent it. Stay organized and set it aside regularly so it’s there when you need it.
CPP Contributions
As a self-employed individual, you pay both the employee and employer portions which are currently 11.9% of your income, up to a maximum (just under $8,500). This is often overlooked.
Income Tax
No taxes are automatically deducted, so it’s up to you to plan ahead. Setting aside 25–30% of your income is a solid approach to avoid surprises at tax time.
All that said, self-employment has been incredibly good to me, and I have no regrets. It’s given me opportunities, flexibility, and growth I wouldn’t trade but that comes from understanding how to manage it properly.
Before making the leap, talk to a professional, ask questions, and make sure you’re fully informed. It can make all the difference. If you have questions I am here !
Melissa
