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New Member

Do I have to file taxes for my side business if I didn't have any income from 2014?

Do I have to file taxes for my side business if I didn't have any income from 2014?  In addition, I did have quite a few expenses as it was a start-up using my own financial backing.  Can I claim any of these expenses?

Will I need to complete a T-4?

Thank you in advance for any assistance that you can provide.

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New Member

Do I have to file taxes for my side business if I didn't have any income from 2014?

If your side business is a sole proprietorship, the business is included in your personal income tax return on the T2125.  You should file the start up costs.  You will only show it as a loss carry forward, but it will be useful next year when you have business income.

Why would you complete a T4?  T4's are issued to employees.  You are not an employee if it is a proprietorship.  If you have any employees, then yes, you should do T4's and a summary for them.

If this "side business" is an incorporated entity, then you might be an employee, but if you received no income, you would not issue a T4 to yourself.

Maybe give us a few more details about what kind of a business, etc.

View solution in original post

1 Reply
New Member

Do I have to file taxes for my side business if I didn't have any income from 2014?

If your side business is a sole proprietorship, the business is included in your personal income tax return on the T2125.  You should file the start up costs.  You will only show it as a loss carry forward, but it will be useful next year when you have business income.

Why would you complete a T4?  T4's are issued to employees.  You are not an employee if it is a proprietorship.  If you have any employees, then yes, you should do T4's and a summary for them.

If this "side business" is an incorporated entity, then you might be an employee, but if you received no income, you would not issue a T4 to yourself.

Maybe give us a few more details about what kind of a business, etc.

View solution in original post