Business Taxes

BUSINESS TAXES – TAX RETURNS IN NORTH YORK, TORONTO, ON

Tax Accountants at Bookkeeping Bizz offer all kind of Personal and Business Tax Services. Ensuring knowledge of the newest laws, we take care for your business by providing a top quality consultants and managing of your taxes.

Tax Accountants at Bookkeeping Bizz offers all kinds of Personal and Business Tax Services across North York. Oakville, Brampton, Mississauga, Vaughan, Richmond Hill, Toronto.

If I Have A Business, Do I Have To File Both A Personal And A Business Tax Return?

The type of income tax returns you have to file will depend on whether your business is incorporated.
If you have an incorporated business, you must complete a corporate (T2) tax return for the business, and you must also complete a separate personal (T1) tax return.
If your business is incorporated, the business losses (non-capital losses) cannot be used to reduce income on your personal tax return. However, the non-capital losses of the corporation can be carried back, or carried forward to apply against corporate income in other years.

Business Tax Services

Business tax returns If I have a business, do I have to file both a personal and a business tax return? The type of income tax returns you have to file will depend on whether your business is incorporated. If you have an incorporated business, you must complete a corporate (T2) tax return for the business, and you must also complete a separate personal (T1) tax return. If your business is incorporated, the business losses (non-capital losses) cannot be used to reduce income on your personal tax return. However, the non-capital losses of the corporation can be carried back, or carried forward to apply against corporate income in other years. See non-capital losses for information on carry-back and carry-forward periods. If your business is not incorporated, then you only have to file a personal (T1) tax return. The income or loss from the business (proprietorship or partnership) will be included on your personal tax return. With your personal tax return, you will have to file a “statement of business activities” which includes an income statement for your business. If you have a loss from your business, and you have other income such as employment or investment income, then the business losses will reduce the other income on your tax return.