I own an Online Business Do I still have to pay taxes

I own an Online Business Do I still have to pay taxes

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I own an online business. Do I still have to pay taxes? Do you operate an online business such as blogging, selling products or services?

This income must be reported on your personal or corporate tax return. According to Canada Revenue Agency, operating an online business is subject to the same income tax rules and regulations as standard businesses.

All income and expenses must be reported as business income on Form T2125 – Statement of Business or Professional Activities of your personal tax return.

Or if you are incorporated, you’ll file Schedule 88, Internet Business Activities along with your Corporate tax return. As with any other business you must keep adequate records to support your income and expenses.

As long as these records are accessible and readable they can be in electronic or paper format.

If you operate an online business and are looking for an accountant visit our website to schedule a free initial consultation.