The T2125 Statement of Business or Professional Activities is generally the most complex portion of any Canadian self-employed individual's tax filing, but Hurdlr makes generating this form a breeze. 1. How it works Take a look at our Tax Reporting docs for an overview on how to easily gen...
Congratulations and welcome to being a self-employed sole proprietor. According to the Canada Revenue Agency (CRA), a sole proprietorship is the simplest kind of business structure. Well, simple until you bring one little word into the conversation — taxes. Image from the movie Home Alone Which...
After, you will be able to deduct bad debt expenses by claiming it as a business expense on your income tax return usingLine 8590 of Form T2125, Statement of Business or Professional Activities. Remember that at this time, you could have already reported the unpaid invoice as income on your...
Either way, the Canada Revenue Agency (CRA) charges you interest on past due amounts. But if you don’t file your return on time, you also have to cover a late filing penalty as well. As of 2018, the CRA charges a flat 5% just for being late and then 1% for each additional ...
my business is in Quebec, what are the forms I am required to submit to the Quebec revenue agency. thanks ibrahim superAmin April 10, 2014 at 6:26 pm Hi Ibrahim, Corporations with a permanent establishment in Quebec must file a Quebec Corporate Tax Return (Form C0-17). This is in ...
Completing “Chart A – Motor Vehicle Expenses” of Form T2125 lets you calculate how much of your motor vehicle expenses are deductible.Owning vs. Leasing Your Vehicle Are you driving a passenger vehicle you own or lease? You may have limits on the deductions you can take for interest, ...
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