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MrMyles

Business Income / Loss

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I work full time, run a part time home based business and I am a partner in a retail store.

I have done the first two for many years and got it all covered tax wise.

The retail store partnership is new and I need to know how to account for it.

 

In year one I only earned a few hundred in salary, but invested close to $10k in the businesses.

 

Do I enter it into UFile as a Self-Employment Income?

In which case I appear to need to do a full corporate income tax return with sales COGS, expenses etc. We will be sending the company taxes to an accountant, so I do not think I need to do this on my personal taxes.

 

Or do I not account for it at all and leave it to the corporate accountant?

 

Thanks

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As a partner you must report the income earned from partnership under self-employment income if you did not receive a slip or T5013 if you have recieved it.

 

The contribution you have made is not tax deductable;therefore, does not affect your income tax return.

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