Self Employment Taxes, Deducations & Tax Forms

If you are self-employed, you are considered to have a business. If this is the case, you may need information specific to your situation. You first must determine if your business is a sole-proprietor, a partnership, or a corporation.

If you have a sole-propitership, or partnership, your income will be reported on the T1 general return using form T2125.

If you have a corporation, you will use the form T2 to file your return.

If you are carrying on a business or engaged in a commercial activity in Canada, you are required by law to keep adequate records. These records will help determine your tax obligation, and document any business deductions claimed.