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Is the small business tax rate for '08 now 11% and what's required to qualify?

Question: Is the small business tax rate for ’08 now 11% and what’s required to qualify?

(Posted by: birdee22 on 2008-02-19 12:18:11)

My current business is a sole proprietorship in Ontario. Will that entitle me to an 11 % tax rate or do I need to incorporate?


Answers:

Posted by: Diane on 2008-02-19, 18:23:08

You do not need to incorporate to be a small business. Income from Sole-proprietorships is considered business income. Here is the CRA info on how to file your income taxes as a sole-proprietor. The criteria for “small business ” is by income. cra-arc.gc.ca/ tax/ business/ topics/ solepartner/ menu-e.html

  

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