Sole ProprietoR
Let’s grow together. We’d be honoured to be a trusted advisor for your business—not just at tax time, but all year long. Whether you’re just getting started or already growing, we’ll meet you where you are and build a strategy that supports your success.
When we meet, we’ll take a proactive look at:
Your eligible write-offs – so you’re maximizing deductions without risking surprises in case of an audit.
Tax planning opportunities – exploring what we can do instead or in addition to reduce taxes now and in the future.
Ways to streamline your operations – helping you stay organized and efficient with systems that actually work for you.
Sole Proprietor Pricing
PACKAGES START AT $1,000 PER YEAR
Sole proprietorship taxation services start at $1,000 CAD per entity (+ applicable sales tax). This includes preparation of the personal tax return (T1), the Statement of Business or Professional Activities (T2125), annual sales tax filing (if applicable), a 6-month check-in, and ongoing support throughout the year.
We ensure all eligible business expenses and deductions are properly claimed to help minimize your tax payable.
Additional fees:
Customized bookkeeping: We offer tailored packages for year-round bookkeeping or year-end revenue and expense summaries. Pricing depends on your record-keeping system and transaction volume. A personalized quote will be provided during your initial discovery call.
Administrative setup fee: $200 per entity administrative set up cost. Invoiced at time of onboarding.
The Process
Step 1
Planning - Set up a discovery call by booking below. During this call we can learn about your business and personal tax situation and provide you with a customized quote for the work to be completed.
Step 2
Service Plan - Provide us with the previous year tax return filed and we will provide you with documentation required in order to set you up as a client.
Step 3
Preparation of the sole proprietorship income and loss as well as filing of the personal tax return. We will work with you to help you compile the year end records and ensure we have included all the information for filing this return.
Book a discovery call.
You should not dread meeting with your accountant! In fact, you deserve an accountant that feels like part of your team.
WHO YOU'LL BE MEETING
Chrissy is our Tax Lead and she looks after our sole proprietor clients at Arnason Accounting & Co. She's the one you'll meet on the discovery call, and she's the one who'll be in your corner year round, not just at tax time.
She works with self-employed folks every day, so bring your messy questions. The bookkeeping you've been avoiding, the GST registration you aren't sure you need, the home office claim you've been guessing at. None of it is new to her.
READY TO START MAKING YOUR LIFE EASIER?
FAQs
Sole Proprietorship
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The filing deadline for a sole proprietorship is June 15th however, if you owe income taxes then these are due April 30th. As a result, best practice is to have the return completed and filed by April 30th.
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If your business does not earn more than $30,000 in revenue per year then you are considered a small supplier and this is not required. If you intend to reach this threshold, you can register right away and offset any GST collected with the GST paid on expenses. If you have significant start up costs, this may be something to consider.
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Absolutely if you drive a personal vehicle for work. It is important to understand that you must keep a mileage log of all KM’s driven for business and personal and you must be able to provide a summary of all the vehicle expenses during the year. It is key that you have the receipts (a credit card statement is not deemed sufficient).
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This is challenging to estimate since it does depend what threshold you fall into. A general estimate of 30% of the profit will make will allow you to save for personal taxes. It is important to note that once you owe over $3,000 in personal taxes, you will be required to prepay the upcoming year of taxes by way of installments. This is often helpful to eliminate the large tax liability in April.
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Absolutely! This can be a bit of a challenging transition and can lead to errors or missed items if not done correctly. Make sure to get in touch with us before you make the transition or as soon as possible so we can help make it easier for you.