When you are employed by someone else, they will
usually take taxes off of each pay cheque. So when you do your income taxes you
usually don’t have to pay much extra. When you are self-employed, you often don’t
pay taxes though out the year, so you’ll have to pay it all at income tax time.
This is the same story for CPP. If you are self-employed,
you must pay your CPP contribution if your income is high enough. This will be
added to the amount you have to pay in income tax. https://www.canada.ca/en/revenue-agency/services/tax/businesses/topics/payroll/payroll-deductions-co...
If you elected to Employment Insurance (EI), this will
also be included in your income tax bill. https://www.canada.ca/en/services/benefits/ei/ei-self-employed-workers.html
You also may have other income that you are paying
taxes on, or some type of repayment which may be adding to your total.
If you’re still not able to figure out where the
$8000, go back over your review from the start (or at least the business
portion) and make sure you’ve entered all the numbers correctly.
