If you had a profitable self-employed business and couldn’t work in 2021 because you had Covid, had a family member who had Covid, had to quarantine, had a family member who had to quarantine, or had to take care of a child whose school or daycare was shut-down due to Covid, then the government will effectively give you, in the form of a tax-credit, the amount that you would have earned during the days that you couldn’t work. This is a complicated tax calculation with pages and pages of rules and limitations, but is definitely something that you shouldn’t overlook when preparing your 2021 tax return.
Accounting and Consulting