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Sole proprietors, trades, farms, side income

Small business and self-employed tax returns in Selkirk

Contractors, farmers, trades, home-based businesses, gig drivers and side-hustles. If you earned income outside a T4, your return has more moving parts and more room for missed deductions.

Book an appointment 204-485-3258

We prepare self-employed and small business returns for owners across Selkirk and the surrounding communities. The business income goes on form T2125 inside your personal return, and the expenses that offset it are the part most people under-claim: vehicle, home office, tools, phone, and the capital cost allowance on equipment.

If your books are a shoebox, say so when you book. We will set aside the time and sort it with you.

What we cover

  • T2125 statement of business or professional activities
  • Vehicle, home office, tools, supplies and cell phone expenses
  • GST/HST returns and registration questions
  • Capital cost allowance on equipment and vehicles
  • Farm income and expenses
  • Rental property statements
  • Instalment planning so next April is not a surprise

Bring

  • Income records: invoices, deposits, platform summaries from Uber, DoorDash, Etsy, Shopify and the like
  • Expense receipts, or a bookkeeping summary if you keep one
  • A vehicle log, or an honest estimate of business kilometres
  • Last year's return and notice of assessment
  • Your GST number if you are registered

Small business owners in the Interlake

Selkirk and the communities around it run on small operators: trades, hauling, farming, home services, and a growing number of online sellers. The returns look different from a T4 return and so does the review. We look at what the business actually spent money on, not a generic checklist, and we flag the things that trigger CRA questions before they are filed.

Small business and self-employed returns: questions we get asked

Do I need to register a business to claim expenses?
No. Self-employed income and its expenses go on your personal return on form T2125. Registration matters for GST once you pass $30,000 in a year.
Can you handle my GST return?
Yes, annual or quarterly, and we can register you if you have crossed the threshold.
What if I am behind a year or two?
That is common for self-employed people. See the late returns page; we can catch you up in one visit.
Can I claim my vehicle if I also use it personally?
Yes, for the business portion. A log is best; a reasonable estimate of business kilometres is acceptable if you have not kept one.

Related

Ready to file?

Book online in a minute, or call and we will find you a time.

Book an appointment 204-485-3258