I have started a new business and I am the sole proprietor, when I am doing my taxes do I need to claim the total profit for the year? I haven’t actually paid myself yet.
I have started a new business and I am the sole proprietor, when I am doing my taxes do I need to claim the total profit for the year? I haven’t actually paid myself yet.
You need to claim your total income, which you can reduce by entering your business expenses. If you are self-employed (T2125), then your business income is already your income, same as your employment income or amounts you earn when selling stocks.