5976

Self Employed Tax Return

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-proprietorship, or partnership, your income will be reported on the T1 general return using form T2125.

If you have a corporation, you need to complete and file a T2 tax return. This return is completely separate from your personal taxes.

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.