TurboTax for Business Online
If you have business income, you have to declare it on your income tax return. (And note that business income from other countries counts, too; it’s your worldwide income that you must declare on your income tax, not just whatever income you’ve made in Canada.)
How you declare your business income depends on the structure of your business.
Sole Proprietorships and Partnerships
If you are operating a sole proprietorship or a partnership, you will be declaring your business income on your T1 individual income tax return by completing , if you have not officially set up a business, you will be assumed to be a sole proprietorship using your own legal name and therefore will be using Form T2125 to declare your business income as well.
If you have more than one business, you will have to fill out a T2125 form for each.
If your business is incorporated, you will be declaring your business income on the T2 corporate income tax return, as well as completing a T1 tax return as an individual. You may find this Canadian Corporate Tax Guide useful.
Find Your Industry Code
No matter what form of business you have chosen as your business’s legal structure, you will need to know the Industry Code that your business falls under.
For instance, the industry code for Internet Shopping (including Internet selling), is 454111.
Use the appendix of the Business and Professional Income Guide (Canada Revenue Agency) to find out what your business’s industry code is, if you don’t already know it so you will be able to complete the Identification section of the tax return.
TurboTax Can Help
Whether your small business is incorporated or not, TurboTax can make completing and filing your tax return easier. (available as downloadable software only) is for Canadian corporations.
Both tax solutions provide step-by-step guidance for completing your income tax return and can help you find all the tax deductions and credits you’re eligible for. And both are Canada Revenue Agency approved, so you can NETFILE your return(s) from within the program.
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