Skip to content

Which taxes does a sole-proprietor need to know about?

Important taxes to keep in mind are:

  • Personal and business income taxes (federal and provincial) These determine your net tax owing — the amount payable to the CRA after all eligible personal and business tax deductions.
  • Form T2125 (Statement of Business or Professional Activities): Reports self-employment income and expenses.
  • Self-employment taxes
  • Canada Pension Plan/Québec Pension Plan (CPP/QPP) contributions
  • Optional employment insurance (EI) contributions
  • Goods and services tax/harmonized sales tax (GST/HST)"

Still need help? Contact us