Personal income tax for self-employed individuals
Generally, you have to report your business income from a business carried on in Canada on a calendar-year basis. This rule affects sole proprietorships, professional corporations that are partners of a partnership, and partnerships in which at least one partner of the partnership is an individual, professional corporation or another affected partnership.
You may be able to use an alternative method of reporting your business income that is available on a business-by-business basis. This method, which allows you to have a fiscal period that does not end on December 31, applies to individuals and partnerships in which all the partners are individuals.
An individual who is a partner of a partnership that includes a professional corporation as a partner cannot use the alternative method. Also, partnerships that are partners of other partnerships cannot use the alternative method.
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