Sole proprietor tax return tax return tips and deadline

You don’t need a separate or different tax return to report your business income; you report your worldwide total income on the T1 general income tax return.So if you have several different businesses, or employment income as well as business income, or investment or pension income for that matter, it all gets reported on the same tax return.
Business losses can be deducted against a business owner’s personal income to reduce taxes. If a business owner’s losses exceed personal income for the year, some of the year’s business losses can be used to reduce taxable income in future years.

Self-employed individuals have until June 15 of the following year to file income tax for a particular year. This applies to spouses too, so if your spouse or common-law partner is self-employed, you also have until June 15 to file your tax return. Please note that the payment for any balance owing is due by April 30, otherwise CRA will charge you interest on the balance owing.

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