Tax Genius · Canada
Small Business & Sole Proprietor
Integrated tax support for Canadian sole proprietors and small businesses across income tax, GST/HST, payroll and records.
Information reviewed against referenced sources:
Frequently asked questions
How does a sole proprietor report business income?
The Small Business & Sole Proprietor workflow is handled in sequence: Describe the tax situation and objective, Share the relevant facts and documents, and Tax Genius reviews the applicable rules and scope. Sole proprietors commonly report business/professional activities through T2125 with the individual return.
When does GST/HST apply?
Timing for Small Business & Sole Proprietor depends on the applicable filing, transaction or assessment period. The review starts with T2125/business income review and GST/HST screening/filing handoff.
Do I need a payroll account?
GST/HST and payroll accounts can be additional obligations depending on sales/employees. The decision uses payroll account screening and business structure and account inventory and, where necessary, BN/program accounts, payroll records if employer, and GST/HST records if applicable.
How long should business records be kept?
Small Business & Sole Proprietor normally starts with business income/expense records, payroll records if employer, and GST/HST records if applicable. Sole proprietors commonly report business/professional activities through T2125 with the individual return.
When should a sole proprietor incorporate?
Sole proprietors commonly report business/professional activities through T2125 with the individual return. The review starts with records/bookkeeping readiness and personal return integration. Confirm the applicable period and current primary-authority rule cited on this page before acting.