C
canadamanaaaa
Guest
proprietorship business tax filing… Please...? I started a Canadian sole proprietorship business about 13 months ago but only made $5500 in the first year. Do I still need to file my taxes for the company this year? I thought I could just keep track of that income and add it to next year’s revenue and tax filing. I also heard a couple years ago that a small business company does not need to file taxes for the first 3 years or something because the government assumes that you probably won’t turn a major profit in your first year or two. Is that true? Any clarifications to all this would be greatly appreciated.