Entrepreneurship & Small Business

Business loss against another income

  • Last Updated:
  • May 7th, 2015 4:22 pm
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[OP]
Sr. Member
Mar 27, 2013
691 posts
231 upvotes
Toronto

Business loss against another income

I have a very small online business generating me maximum $1k per month. I am not thinking of incorporating it or going for sole proprietorship.

Is it possible to show my rent, car expenses, etc. as my expenses, and then apply the loss against my other full time salaried income? All this without incorporating the business or going for sole proprietorship?
1 reply
Member
Apr 11, 2007
222 posts
11 upvotes
Richmond Hill
I would think you would need to fill up a T2125 and that is where you input all the business income, expenses, and assets for depreciation. The total (positive or negative) gets added/subtracted to your salaried income. So in short, I don't think you can input your expenses anywhere else in the tax return.

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