Businesses owned by sole proprietors or partnerships run their tax years based on the calendar year. This means the filing deadline is a set date. Therefore, business owners must file their income taxes by June 15 each year. However, by April 30, businesses must pay off their taxes owing from the previous tax year.
Sole proprietors must include the details of their small business on their own personal tax returns. When a company is structured as a partnership, individual partners must file a partnership information return by March 31.
In this webinar we will cover:
Business Income Tax Reporting - Completing the T2125E Form for CRA
Reporting Business Income
Reporting Costs of Goods Sold
Reporting Business Expenses
Calculating Business-Use-of-Home Expenses
Calculating Capital Cost Allowance (CCA)
Calculating Motor Vehicle Expenses
Includes: Canada Revenue Agency Forms T2125E - Statement of Business or Professional Activities and T4002E - Self-employed Business, Professional, Commission, Farming, and Fishing Income Guide
Outcome: Knowledge for filing business income to Canada Revenue Agency.