When you operate a business in Ontario, you need to keep track of your business income and report the information to the Canada Revenue Agency. If you are self-employed, or if your business is a partnership, you are responsible for including your business income and expenses on your personal income tax return. If your business is incorporated, you are required to file a separate corporate tax return.
Reporting self-employed income
If you are self-employed and not incorporated, you must report your business income on your T1-General income tax return. Any money that you make through your business must be claimed on your tax return. Business expenses that you are claiming should also be included. Contact Income Tax Ottawa for a complete list of the required forms, or for more information on claiming business income and expenses.
Reporting corporate income
Corporations have requirements for filing taxes that differ from the requirements for sole-proprietorships and partnerships. If you own or operate a corporation, you will be required to file a corporate income tax return with the Canada Revenue Agency (CRA). For more information on taxes for incorporated businesses in Ontario, contact Income Tax Ottawa.