Monday, November 14, 2022

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

Posted at 02:09 PM