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  • Apr 3rd, 2008 8:24 am
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Deal Addict
User avatar
Oct 10, 2005
2649 posts
48 upvotes
Bay Area

Taxes?

I created a sole-porprietorship last year and I got a few tax things back home in the mail from the government.
I didn't actually do anything yet with it I was planning on generating some money this year.

Since I didn't generate any revenue, Is there an immediate need to do my taxes?

I plan on taking care of everything at the month's end. Is that alright?
4 replies
Deal Addict
Aug 28, 2007
2167 posts
539 upvotes
Calgary
A sole proprietorship must use a Dec 31 fiscal year-end and it reports its income through the proprietors' personal taxes so when you complete your personal T1 (due at the end of this month) you will be putting a zero in the business income line. Depending on the amount of your expenses and how you deal with deducting them, you may or may not need to prepare a separate financial statement.

There are several accountants on this forum and they can confirm minimum requirements, but you basically have until the end of this month to confirm and get whatever needs to be done.
Deal Addict
User avatar
Oct 10, 2005
2649 posts
48 upvotes
Bay Area
alright thanks.

I didn't have any expenses last year so it should be all good.
Sr. Member
Dec 7, 2003
886 posts
128 upvotes
Since you have a business, your tax return is actually due in June (I believe June 15). However, if you owe any money for 2007, it is due by April 30.
Deal Fanatic
Feb 1, 2006
9645 posts
911 upvotes
Muskoka
The stuff you got in the mail is probably GST and RST returns, I'm guessing? If you had no business activities, just put zeros in and mail them out, easy as that.

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