A business number is the unique nine-digit number the Canada Revenue Agency uses to identify your business. Here is how program accounts attach to it, when a sole proprietor needs one, how it differs from a corporation number and your SIN, and how to find an existing BN.
If you owe more than $3,000 in tax the CRA wants it in quarterly instalments, not one lump sum at filing. Here is the who-pays test, the four due dates, the three calculation options walked as worked examples, and how instalment interest and the 50% penalty are charged.
A sole proprietorship and a corporation are taxed in completely different ways, and incorporating doesn't automatically cut your tax bill. Here's the same $150,000 of profit run both ways, the small-business rate and tax deferral explained, the non-tax trade-offs, and how to decide.
You have to register for GST/HST once you stop being a small supplier, and the CRA measures the $30,000 threshold two different ways. Here are both tests with worked examples, who must register from their first sale, how to register, and how to confirm a supplier's number.
Capital cost allowance is how you deduct the cost of lasting business assets over several years instead of all at once. Here is what CCA is, the class table, the declining-balance and half-year rules, and a worked example.
Form T2125 is where Canadian sole proprietors report business income and expenses on their T1 return. This guide walks every part and every expense line, with a worked example and the record each line needs.
The 2026 CRA mileage rate is 73¢/km for the first 5,000 business kilometres and 67¢ after. This guide gives the full table, the territories rate, and the catch most blogs miss: sole proprietors can't deduct cents per kilometre at all.
Form T2125 is where Canadian self-employed individuals report their business income and expenses. This guide walks through every expense line on the form with examples and receipt requirements.
Missing receipts during a CRA audit can lead to denied deductions, reassessments, and penalties that can double what you owe. This guide explains exactly what happens and how to prevent it.
In Canada, businesses must maintain documentation for at least six years from the end of the last tax year they relate to. This guide covers the rule, exceptions, and digital storage compliance.
The CRA fully accepts digital receipts and electronically stored records for tax purposes. This guide explains exactly what the CRA expects so you can go paperless with confidence.
The CRA's documentation requirements for input tax credits are stricter than for income tax deductions. This guide explains the three-tier system and how to ensure your receipts meet every requirement.
