Results 1 to 2 of 2

Thread: Small business

  1. #1
    Expert Forum User The Ultimate London Mom!
    Anonymous's Avatar
    Join Date
    Sep 2007
    Rep Power

    Default Small business

    I have a question. I have a small business (I don't want to name what it is but its the same kind of deal as epicure, tupperware, etc). Anyways I made approximately $600 for last year, not a lot (I wasn't really doing much with it) and it's defintely not going to push me into the next tax bracket or anything. I do have expenses that would relate to my business (ie/ portion of my house used for business, cell phone, mileage, consumables, etc).

    Normally I do my own taxes there pretty simple straight forward and I like that I don't need to pay an accountant to do simple taxes for me. Obviously if I filed for business I would need to hire someone cause I can only do simple taxes. But really I only made $600.00 even with my expenses I doubt it would do anything for or against me for taxes and well I'd rather not pay an accountant for something that is really redundant.

    So my question is: Will this do anything for my taxes (either for and against)? WIthout my additional $600 I make approximately 32,000 gross.

    ~ "A friend is one who walks in when the rest of the world walks out."~


  2. #2
    Expert Forum User
    strongmommy's Avatar
    Join Date
    Sep 2006
    Old North
    Rep Power


    Based on what you've said - no, it won't hurt your bottom tax line.

    Technically you should include the $600 then claim your expenses against it (paper, driving, cell phone costs, home office). My guess is you'd have a net profit of NIL and thus adding it in will be an exercise in paperwork only as it won't change your taxable income. You may even have a slight loss which could help because it would reduce your other employment income but keep in mind you can't use your home office expenses to create a loss.

    Doing a business statement isn't hard -- just plug in your income and the expenses (there are specific lines for each type) and boom you're done. The form is T2125 (I think - the number maybe changed in the last year or so) and you can download a copy from CRA's website.

    Hope that helps

Similar Threads

  1. Small business ACCOUNTANT?
    By Leslie in forum Chit Chat
    Replies: 4
    Last Post: 07-19-2009, 12:26 PM
  2. What are the steps needed to start my small business?
    By laurel in forum Ask the Accountant
    Replies: 1
    Last Post: 07-18-2009, 06:46 AM
  3. Small business accounting program?
    By Kaisa in forum Chit Chat
    Replies: 3
    Last Post: 06-07-2009, 10:36 AM
  4. Small Business help
    By sabb6canada in forum Chit Chat
    Replies: 4
    Last Post: 12-30-2008, 11:39 AM
  5. Starting a small business
    By mum-to-a&m in forum Chit Chat
    Replies: 12
    Last Post: 05-12-2008, 12:49 PM

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts