1. Money
Canadian Income Tax FAQ For Small Businesses

by Susan Ward

  Related Resources
• Maximize Your Income Tax Business Deductions
• More Ways To Maximize Your Business Tax Deductions
• Small Business Tax Deductions Library
• Corporate Tax Resources For Canadian Businesses
• One-Stop Tax Index For Canadian Small Businesses

Q. My business is incorporated. Do I still need to file a T1 income tax form?

A. Yes. You are not a corporation. A corporation is a separate legal entity. It can own property and enter into contracts in its own name.

So even if you run an incorporated business, you must still file your individual income tax (T1 tax return).

All corporations, except for corporations that were registered charities throughout the year, must file a T2 corporate tax return every year, even if there is no tax payable.

You can find more information about corporate income tax in my Corporate Tax Resources Library, and, of course, on the Corporation Income Tax section of the Canada Revenue Agency.

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