The joy of working for yourself quickly fades out when tax time comes.
A simple way to keep the joy up is to simply put away 20% to 30% of every dollar you earn plus all the GST you collect. Set up a separate saving account and tag it “Tax account”. 30% may seem high but this is due to the fact that you also need to cover CPP – Canada Pension Plan premiums.
If you want a firm estimate of what you will owe. Contact me. So, save away and be happy!