{"id":56,"date":"2014-01-29T07:15:17","date_gmt":"2014-01-29T07:15:17","guid":{"rendered":"http:\/\/capitaltaxltd.com\/canada\/?page_id=56"},"modified":"2021-02-25T17:21:21","modified_gmt":"2021-02-25T17:21:21","slug":"sole-proprietorship","status":"publish","type":"page","link":"https:\/\/www.capitaltaxltd.com\/canada\/sole-proprietorship\/","title":{"rendered":"Sole Proprietorship"},"content":{"rendered":"<div style=\"padding-bottom:20px; padding-top:10px;\" class=\"hupso-share-buttons\"><!-- Hupso Share Buttons - https:\/\/www.hupso.com\/share\/ --><a class=\"hupso_counters\" href=\"https:\/\/www.hupso.com\/share\/\"><img decoding=\"async\" src=\"https:\/\/static.hupso.com\/share\/buttons\/share-small.png\" style=\"border:0px; padding-top:2px; float:left;\" alt=\"Share Button\"\/><\/a><script type=\"text\/javascript\">var hupso_services_c=new Array();var hupso_counters_lang = \"en_US\";var hupso_image_folder_url = \"\";var hupso_url_c=\"\";var hupso_title_c=\"Sole%20Proprietorship\";<\/script><script type=\"text\/javascript\" src=\"https:\/\/static.hupso.com\/share\/js\/counters.js\"><\/script><!-- Hupso Share Buttons --><\/div><p><a href=\"http:\/\/capitaltaxltd.com\/canada\/contact-us\/\"><img decoding=\"async\" class=\"alignright size-full wp-image-278\" src=\"http:\/\/capitaltaxltd.com\/canada\/wp-content\/uploads\/sites\/2\/2014\/01\/soul1.jpg\" alt=\"soul\" width=\"400\" height=\"\" srcset=\"https:\/\/www.capitaltaxltd.com\/canada\/wp-content\/uploads\/sites\/2\/2014\/01\/soul1.jpg 1500w, https:\/\/www.capitaltaxltd.com\/canada\/wp-content\/uploads\/sites\/2\/2014\/01\/soul1-300x200.jpg 300w, https:\/\/www.capitaltaxltd.com\/canada\/wp-content\/uploads\/sites\/2\/2014\/01\/soul1-1024x682.jpg 1024w\" sizes=\"(max-width: 1500px) 100vw, 1500px\" \/><\/a><b>Revenue<\/b><br \/>\nInclude all of your revenue for the year but be careful not to double count your income.<\/p>\n<p>In some cases, clients will send you a T4A slip to report the amount they\u2019ve paid. If you have already recorded the income in your records, you are in danger of paying tax on the income twice\u2014once when you report the T4A and again when you total the income from your books.<\/p>\n<p>If you are a self-employed salesperson and have won a contest related to your selling activity, you will need to include in your income the value of the prize.<\/p>\n<p><b>Expenses<\/b><br \/>\nIf you are self-employed, you are allowed to deduct expenses incurred to earn income. These expenses typically include a home office (where no other office exists), transportation (with specific rules for allowable automobile deductions) and entertainment (you are allowed a 50% claim).<\/p>\n<p>You can also deduct expenses for travel, advertising in Canadian media, salaries and some benefits. Receipts are needed for all of the expenses claimed and these should be kept for six years. Spouses and children can be paid a salary provided that it is for legitimate work and the amount is reasonable for the tasks performed. Invoices should be prepared and payments must be made.<\/p>\n<p><b>Business Expenses Include:<\/b><br \/>\nUtilities<br \/>\nRepairs and maintenance<br \/>\nTelephone and Internet<br \/>\nSupplies<br \/>\nInsurance<br \/>\nRent or property taxes and mortgage interest<\/p>\n<p><b>Automobile Expenses Include:<\/b><br \/>\nLicense and registration fees<br \/>\nInsurance<br \/>\nMaintenance and repair<br \/>\nFuel, oil and lubricants<br \/>\nWashes<br \/>\nParking fees<br \/>\nCapital cost allowance<br \/>\nLease payments<\/p>\n<div class=\"taxes_start\"><span class=\"txt\">Start your taxes now<\/span><span class=\"button_text\"><a href=\"http:\/\/capitaltaxltd.com\/canada\/contact-us\">Get Started<\/a><\/span><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Revenue Include all of your revenue for the year but be careful not to double count your income. In some cases, clients will send you a T4A slip to report the amount they\u2019ve paid. If you have already recorded the income in your records, you are in danger of paying tax on the income twice\u2014once [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":281,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"class_list":{"0":"post-56","1":"page","2":"type-page","3":"status-publish","4":"has-post-thumbnail","6":"entry"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v15.8 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<meta name=\"description\" content=\"RevenueInclude all of your revenue for the year but be careful not to double count your income. In some cases, clients will send\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.capitaltaxltd.com\/canada\/sole-proprietorship\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Sole Proprietorship - International Tax Services Sole Proprietorship\" \/>\n<meta property=\"og:description\" content=\"RevenueInclude all of your revenue for the year but be careful not to double count your income. 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