Small Business

Small Business Tax Return Preparation

Small Business Tax Return Services Most small business owners start off as a sole proprietor or with partnerships, often deciding to incorporate as a company increases in business and profit. An unincorporated small business tax return is captured in additional schedule (s) of your personal tax return. Your revenues and expenses must be reported on a Statement of Business Activities and the accumulated net income is what will be considered when determining your tax liability. Some examples of revenue and expenses that may be claimed is:
  • Home office – Only applies if you do not have another office location or if more than 50% of your work is exclusively done at home where you regularly meet with clients.
  • Automobile – Only applies for business purposes only. A mileage log should be kept as proof for kilometers driven.
  • HST – Registering and/or collecting HST (on other sales tax) is a requirement when $30,000 in revenue is earned on a twelve-month period.
If you choose to report business income on your personal return (i.e. schedule 2125) then your tax return does not need to be filed until June 15th, however, any amounts owing must be paid by April 30th. Here at Numbers Plus®, our team of experts can file your sole proprietor tax returns to ensure you are able to maximize your earnings, by professionally reducing your tax liabilties. Let us make sure you are legally taking advantage of all tax laws available to you.

Important Dates

April 30

Personal tax payments are due. Tax return filing deadline is April 30th unless you or your spouse have business income then filing deadline is June 15th.

March 31

Trusts: Payment and filing deadline is March 31st (three months after the year end which is Dec 31st) unless a Graduated Rate Estate which is three months after the...

February 28

Tax Slips (T4, T4A, T5, …): Payment deadlines are as per usual (i.e.

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FAQ

Where are you located?

We are located on 168 Queen Street in Mississauga, ON in suite 209. The office is located in beautiful downtown Streetsville.

What are your hours of operation?

Our standard working day runs from 9am to 5pm. We can occasionally accommodate appointments outside of these hours.

Do you have parking?

Yes. We have parking in the back of the building with easy access to our office. If you require public transportation, the Mississauga Transit system stops in front of our office and the Streetsville Go Station is only a few blocks away.

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