Sole proprietorship registration and filing in Vaughan

A sole proprietorship is you, under a business name. Ontario registration is required if you operate under a name that is not just your personal name. The Master Business Licence is generally valid for five years. There is no limited liability. A judgment can reach your personal assets.

Tax, which is the part people skip

We register the name, open the HST account when it is time, and prepare the T2125. If the year is already a pile of e-transfers, bookkeeping comes first and the return second. A self-employed T1 is $650 + HST, not the $90 T4 price.

• Profit goes on Form T2125 of your personal return. There is no separate “business tax return.”
• The filing deadline is June 15. Tax owing is due April 30.
• Register for HST when taxable revenue passes $30,000 across four quarters, or in a single quarter.
• A business bank account is not legally required and is still the only way the return stays inexpensive.
• Vaughan may require a municipal licence for the location or the trade. That is separate from the provincial registration.