Jan 22, 2018 – Information and links to topics of interest to new businesses as well as small and medium businesses including setting up a business, tax information, important … If this amount is greater than your original purchase price, you must report the difference as a capital gain on your income tax and benefit return.

If your business is a sole proprietorship or partnership, you'll file a T1 business income tax form – the same income tax return you use to file your personal income taxes. (If your business is a corporation, you have to file a T2 (corporate) income tax return.)

Sep 30, 2017 – Canadian Income Tax Articles for Do-It-Yourself People. Your First Business Income Tax Return provides details on how to fill out the T1 Personal income tax return, the Canadian income tax return you need to complete and file if your business is structured as a sole proprietorship or partnership.

Nov 1, 2017 – When you prepare your tax return, you'll just enter all of your business's details (income and expenses) in the self-employed section. When you're finished, you'll have a complete T2125 Statement of Business Activities. This form is sent to the Canada Revenue Agency along with all the other “usual” tax forms.

Mar 1, 2013 – If you are a sole proprietor or are in a business partnership, you report business income on your personal tax return by filling out Form T2125: Statement of Business or Professional Activities. …. Provides a good overview of the tax obligations of self-employed workers and small business owners in Canada.

When it's time to file a federal income tax return for your small business, there are various ways you can do it, depending on whether you run the business as a sole proprietorship or use a legal entity such as an LLC or corporation. Each type of entity requires a different tax form on which you report your business income and …