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.
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.
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.