Sole proprietors in Canada who also work a full-time job face unique challenges
when it comes to managing their income taxes. Here's why.
All income earned from the business must be reported on your personal tax return. This includes revenue generated before expenses are deducted. It's important to keep accurate records of business income and expenses to calculate the correct tax liability.
The unexpected tax liability that can arise from your business income comes as quite a surprise at tax time.
Here is a handy income tax calculator that can be used to determine your tax obligations. Keep in mind that this is merely an estimate and your financial situation may require the help of a tax professional.
Tax-Calculators
