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April 7, 2024
Question

I have started a new business and I am the sole proprietor, when I am doing my taxes do I need to claim the total profit for the year? I haven’t actually paid myself yet.

  • April 7, 2024
  • 1 reply
  • 0 views
I have also used some of the profit to buy stock.

    1 reply

    TurboTaxSusan
    April 7, 2024

    You need to claim your total income, which you can reduce by entering your business expenses. If you are self-employed (T2125), then your business income is already your income, same as your employment income or amounts you earn when selling stocks.