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Sep 30, 2017 – Your small business is you, so to speak, and the T1 income tax return package includes Form T2125 (Statement of Business or Professional Activities), which you will use to report your business income. If your small business is incorporated, you will report your business income on a T2 corporate income tax return.
There is also a size limit based on a Canadian-controlled private corporation's taxable capital. … Qualifying as a Canadian-controlled private corporation is the best possible income tax scenario for a Canadian corporation. The Small Business Deduction is just one of the income tax advantages such corporations enjoy.
Table of Contents. Sole proprietorship; Partnership; Corporation; Provincial or territorial incorporation; Co-operative; Registering your business; Changing your legal status … issues for small business. Do you really need a lawyer when you start your small business? Find out how legal counsel could benefit your business.