Business income includes income from any activity you carry out for profit or with reasonable expectation of profit. A business includes:
- a profession
- a calling
- a trade
- a manufacture
- an undertaking of any kind
- an adventure or concern in the nature of trade.
Employment income is not business income.
If you are a self-employed, you pay personal income tax on all revenue generated by your business. You also assume all the risks of the business. The risks extend even to your personal property & assets.
Our tax specialists will help you with tax filing & maximizing the eligible deductions & credits you are entitle to.