TAX SERVICES

SOLE PROPRIETORSHIP
& PARTNERSHIP

Sole-Proprietor
Taxes

Partnership
Taxes

Sales Taxes
(GST/HST)

Tax
Credits

GET PROFESSIONAL HELP
WITH YOUR SELF EMPLOYMENT TAXES

Self employed individuals on either a sole-proprietorship or partnership can have their personal and business income tax prepared and filed with the help of our accountants. A tax professional will help you file your return quickly and correctly.

BUSINESS INCOME & PERSONAL INCOME TAX

When you are a sole proprietor or in a business partnership, the Canada Revenue Agency (CRA) considers your business to be a part of yourself for income tax purposes. In simpler terms, you will need to file your business’s return with your personal income tax return.

When you combine your business and personal tax return in one, there are more numbers to keep track of and regulations to be mindful of. Our accountants can file your taxes for you. We will fill out all the forms related to your business and any additional personal deduction you may qualify for.

MAKE THIS TAX YEAR SIMPLE WITH WISE NUMBERS

Filing your taxes and running a business can be a lot to handle. Rather than overload your month, stress yourself out, and possibly file your tax return incorrectly, let Wise Numbers do it for you.

When you choose Wise Numbers for your personal and business income taxes, you can expect us to:

  • Fill out your tax forms for your business based on your financial statements.
  • Fill out your personal tax forms claiming any personal tax credits you are eligible to.
  • Ensure all of your business expenses and business tax deductions are recorded on your tax return.
  • File your taxes with the Canada Revenue Agency.
  • Provide you with the final balance you can expect to pay or be refunded by the CRA.

SOLE PROPRIETORSHIPS

A sole proprietorship is the most common business structure chosen to start a business, where the owner and the business are considered one single entity. This is much different than a corporation, where the company is a separate legal entity from the owner. In a sole proprietorship, the owner is liable for all of their own business or professional

Since sole proprietors are solely responsible for their small businesses, they need to pay personal income tax and business income in one return, also known as sole proprietorship taxes. Their tax deductions, income, and tax bills are combined.

Businesses that operate under other business structures like corporations file their return separately from their personal income statement.

WHEN TO FILE

Self-employed individuals in sole proprietorships may not be required to file. According to the CRA, sole proprietors need to file a T1 if they:

  • Have to pay taxes for the year.
  • Want to access unemployment insurance (EI) special benefits for self-employment income.
  • Have had a taxable capital gain in the past year or disposed of capital property.
  • Were told to file taxes from the Canada
    Revenue Agency (CRA).
  • Are claiming an income tax refund, GST/HST credit, a refundable tax credit, or the Canada Child Benefit.

WE ARE READY TO HELP YOU WITH
YOUR ACCOUNTING NEEDS

Wise Numbers offers comprehensive services to meet all your accounting needs. Located in Guelph, we proudly serve clients all throughout Ontario.

If you are ready to take the next step towards bettering your business and understanding its finances, contact us today and book your free consultation.

BOOK A FREE CONSULTATION
GET A QUOTE TODAY

We are QuickBooks specialists! Our team can help you setting up the accounting software from scratch if you are a new business, or fixing any issues if you already use the software but did not have guidance while your business grew with it. As our client, you'll have the support you need to work on this platform and make the most of it!

We are QuickBooks specialists! Our team can help you setting up the accounting software from scratch if you are a new business, or fixing any issues if you already use the software but did not have guidance while your business grew with it. As our client, you'll have the support you need to work on this platform and make the most of it!

ABOUT US:

The best bookkeeping and tax services for your business.

ACCOUNTING SERVICES:

TAX SERVICES:

   Address:
       5 Edinburgh Road
       South, Unit 3
       Guelph N1H 5N8

   E-mail:
       [email protected]

   Phone:
      +1 519-400-6472

      

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