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KBFP LLP - Chartered Accountants - Robert Pellegrino CPA, CGA
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KBFP is one of the top 3 accounting firms in Vaughan according to www.threebestrated.com

click the link below...
https://threebestrated.ca/accounting-firms-in-vaughan-on

Thanks for the distinction...
Robert Pellegrino CPA, CGA
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Does your small organization require an audit or review engagement, contact us for a true professional approach.  During the course of your audit we will review your process and provide a business health check.  For more information email Robert Pellegrino at rpellegrino@kbfp.ca   I always get back to you and reply to your emails.
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Is your corporation a personal services business (PSB) If CRA deems you to be a PSB tax consequences can be hefty.  For further information on how to plan your business contact me at rpellegrino@kbfp.ca
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Excellent firms don't believe in excellence, only in constant improvement and constant change.
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Before you go to bed on October 31, it’s a good idea to set your clocks back an hour so it will be the correct time when you wake up. Of course, most smartphones are so smart that they’ll make the change for you, but most people will have to manually change the clock in their car, on their microwave and in that old grandfather clock that you can’t bear to part with
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KBFP has recently teamed with CITRIX to provide clients with the best in protection when it comes to encryption of data when transmitting information.

For more info on Sharefile visit
https://www.youtube.com/user/sharefiledotcom
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Numbers are not opinions
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I thought the following info from CRA's website would be of interest to those that want to have a sole proprietorship.

Sole proprietorship
A sole proprietorship is an unincorporated business that is owned by one person. It is the simplest kind of business structure.
The owner of a sole proprietorship has sole responsibility for making decisions, receives all the profits, claims all losses, and does not have separate legal status from the business.
If you are a sole proprietor, you pay personal income tax on all revenue generated by your business. You also assume all the risks of the business. The risks extend even to your personal property and assets.
As a sole proprietor, you may be required to register for the goods and services tax/harmonized sales tax (GST/HST) if you provide taxable supplies in Canada. For more information, go to Basic information about GST/HST or consult Guide RC4022, General Information for GST/HST Registrants.
If you operate more than one business and you have legal ownership of each, it is your responsibility to register them for GST/HST. One registration will cover all of your businesses.
It is easy to set up a sole proprietorship. Simply operate as an individual or as a registered, unincorporated business. If you operate as an individual, just bill your customers or clients in your own name. If you operate under a registered business name, bill your clients and customers in the business's name. If your business has a name other than your own, you'll need a separate bank account to process cheques payable to your business.
How does a sole proprietor pay taxes?
A sole proprietor pays taxes by reporting income (or loss) on T1 income tax and benefit return. The income (or loss) forms part of the sole proprietor's overall income for the year.
If you are a sole proprietor, you have to file a T1 return if you:
have to pay tax for the year;
disposed of a capital property or had a taxable capital gain in the year;
have to make Canada Pension Plan/Quebec Pension Plan (CPP/QPP) payments on self-employed earnings or pensionable earnings for the year;
want to access employment insurance (EI) special benefits for self-employed persons. For more information, see Guide T4002, Business and Professional Income; or
received a demand from us to file a return.
You also need to file a return if you are claiming an income tax refund, a refundable tax credit, a GST/HST credit, or the Canada child tax benefit. You may also be entitled to receive provincial tax credits.
The list above does not include every situation where you may have to file. If you are not sure whether you have to file, call 1-800-959-5525 .
Note
As a sole proprietor, you may have to pay your income tax by instalments. You may also need to make instalment payments for Canada Pension Plan (CPP) contributions on your own income. Remember to budget for these payments. For more information, go to Paying Your Income Tax by Instalments.
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