Test Your Gigonomics IQ

1. When do you need to start reporting income from your side-business?

Choose one:

A) From Day OneB) Once you hit $30K/yearC) Never – side cash doesn’t count

2. What is a good reason to open a business bank account?

Choose one:

A) To keep track of business expenses and paymentsB) To hide money from the CRAC) To buy a fancy coffee

3. Which of these costs is a claimable business expense?

Choose one:

A) Business bank account feeB) Dry cleaningC) Parking tickets

4. As a rule of thumb, how much business income should you set aside for taxes?

Choose one:

A) 25% – 30%B) 10-15%C) Nothing – there is no tax on side income

5. What’s needed as proof to back up your business expenses?

Choose one:

A) Fully itemized receiptsB) Your credit card statementC) Nothing – just a rough idea is fine

6. If you run a home-based business, what can you claim as a business expense?

Choose one:

A) A percentage of your utility bills B) Your entire rent/mortgage paymentC) Heating costs for 100% of your home

7. How do business expenses help you keep more of your money?

Choose one:

A) They reduce your taxable incomeB) They are fully reimbursed by the governmentC) They are chargeable to your clients

8. How can accounting software help keep your business organized?

Choose one:

A) Pay bills, claim expenses, capture photos of receiptsB) Cold call prospectsC) Clean your desk

9. If you owe money to the CRA, your tax filing deadline (without penalty) as a business owner is:

Choose one:

A) April 30thB) June 15thC) December 31st

10. When do you need to start charging GST/HST?

Choose one:

A) When you earn $30,000+ in a yearB) From Day One of your businessC) I don’t need to charge GST/HST as a solopreneur

If you answered mostly As