Claiming small bussiness

[four-seven-niner]

Do I have to file as a small bussiness just because I got a small bussiness license. I have not started doing anything for my business, zero income and no expenses. Probly want get started for another year.

[TurboTaxKim]

If you have not started your business yet, you do not need to complete the T2125 - Statement of Business Activities and file for your small business.

One thing to keep in mind though, CRA can access Business License records and sometimes contacts taxpayers who have a business license to see why they have not reported any business income on their tax return. Not to worry as long as you can explain your situation and are able to prove you have not generated any income as of yet.

Here's some business tips from TurboTax, and good luck on your business venture!

https://turbotax.intuit.ca/tips/what-kind-of-expenses-can-you-claim-for-your-small-business-6166