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ATTENTION SOLE PROPRIETORS!  

It is critical that you have a clear understanding of your tax requirements. 


If you are a Sole Proprietor (SP), you or your Accountant have to file a T1 return if you:
• Have to pay tax for the year
• Disposed of a capital property or had a taxable capital gain in the year
• Have to make Canada Pension Plan/Quebec Pension Plan (CPP/QPP) payments on self-employed earnings or pensionable earnings for the year
• Want to access employment insurance (EI) special benefits for self-employed persons
• Received a demand from the CRA to file a return

You also need to file a return if you are claiming an income tax refund, a refundable tax credit, a GST/HST credit, or the Canada Child Benefit. Furthermore, you should also file a return if you are entitled to receive provincial tax credits.

As a Sole Proprietor, you may also be required to register for the goods and services tax (GST) if you provide taxable services in Canada.

For assistance navigating the tax filing requirements of a SP, please schedule a consultation with our experts at https://calendly.com/stalbertfinancialconsultants. We look forward to hearing from you! 

(Cell) 780-212-0286
(Office) 780-459-8803
admin@StAlbertFinancialConsultants.ca

5 KEY ESTATE PLANNING QUESTIONS TO ASK YOURSELF 💰:

1. How will your estate be affected by probate fees?

2. Are there significant capital gains that will be triggered on your final tax return that need to be considered?

3. Are your assets all in Canada or are their international tax considerations?

4. How will your company be affected?

5. Are the use of trusts a viable option?

At St. Albert Financial Consultants, we proudly offer clients estate planning services. If you haven't yet done estate planning, we strongly suggest that you do so sooner rather than later.

We would love to provide assistance and guidance in your estate planning by considering the tax implications that may affect your situation. Allow us to recommend steps that can be taken to ensure your estate is structured in a tax efficient manner.

Please contact us today if you would like to learn more about estate planning at SAFC.
📱: 780-459-8803
📧: admin@StAlbertFinancialConsultants.ca

St Albert Financial Consultants (SAFC) updated their profile page in the Business Directory