Get your free sole proprietor/self employed tax checklist: [ Ссылка ]
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There are two types of tax obligations for sole proprietorships. The first one applies to all sole proprietors, which includes freelancers, self employed individuals, independent contractors, content creators etc. earning an income regardless of the amount. The second type of tax obligation applies to businesses that have $30,000 in sales over the last four quarters.
00:00 Introduction
00:27 What is a Sole Proprietorship
01:11 Two Types of Tax Obligations
01:48 Income Taxes For Sole Proprietors
03:46 GST/HST and QST
06:11 Separate Bank Account for Taxes
07:09 Summarize
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If you would like to learn more about starting a business or becoming self employed, check out my step by step guide which helps you to confidently understand and manage your new venture's finances and tax obligations.
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If you are interested in more personalized guidance, I also offer small business consultations where I address your specific questions about accounting, Canadian Tax and QuickBooks and give you guidance to help you thrive in your new venture.
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