Business Income

You must include the following in the calculation of your business income:

• the proceeds of your sales (including commissions);
• the value of any property or service exchanged in a barter transaction (barter refers to the practice of exchanging one property or service for another without the use of money);
• all amounts claimed in previous years as a reserve;
• all amounts or benefits received during the year;
• the value of vacation trips or gifts offered as remuneration for work carried out in your business;
• grants, subsidies or other forms of financial incentive received from a government or from government agency or non-government agency (except a prescribed amount, an amount already included in income or deducted in the calculation of a balance of expenses for the current or a previous taxation year, or an amount used to reduce the cost of property or the amount of an expense);
• interest

Reporting your income

As a rule, the deadline for filing the personal income tax return is April 30, unless you operate a business or are a partner in a partnership, in which case you (and your spouse) have until June 15 to file the return. Please note, however, that users of the extended deadline will be charged interest, as of May 1, on any amount that was outstanding on April 30.

Self-employed persons

To report your business income, enclose with your income tax return (TP-1-V) your financial statements or form TP-80-V, Business or Professional Income and Expenses. For each business operated, you must provide separate financial statements or complete a separate TP-80-V form.

Members of a partnership

To calculate your expenses, you can use form TP-80-V, Business or Professional Income and Expenses. The documents you must enclose with your income tax return (TP-1-V) and the manner in which form TP-80-V must be completed depends on whether you received an RL-15 slip from the partnership.

For more information, see folder IN-155-V, Business and Professional Income.