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Canadian business taxes

Understanding your Canadian business taxes

CRA offers an extensive collection of E-services for businesses.

We recommend using the CRA’s business portal My Business Account

To register, follow the link.

Sole proprietorship 

The transactions for your business will be included on your personal tax return (form T2125). Because you have business income CRA allows you to file your tax return on June 15th instead of April 30th.

Partnership

A Partnership is not a separate taxable entity. The income or losses are allocated by the Partnership to the Partners.

Similar to Sole proprietorship, your share income or losses will be recorded on your personal tax return (if you are a Partner Personally), or recorded in a corporate tax return (if you are a corporate Partner), or in a Trust tax return (if the Trust is a Partner of the Partnership).

Typically, a partnership tax return (T5013) will be need to be completed, but these criteria should be reviewed with a tax professional. The filing requirements are based on tax terminology, so unsophisticated taxpayers frequently misinterpret the requirements.

Corporations

Corporations report and pay their own taxes (T2). Depending on the jurisdiction of the Corporation, they may be required to file additional tax return. In Alberta and Quebec separate tax returns are also required for the provincial authorities.

Want to understand more about your Canadian personal taxes

Learn more

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