A sole proprietorship belongs to one person. A self-employed person, for example, is considered to operate a sole proprietorship.
The owner of the business receives all the profits of the business.
You may be required to
- report sole proprietorship income by completing Schedule L of your income tax return (form TP-1);
- enclose with your return the financial statements of the sole proprietorship or form TP-80-V, Business or Professional Income and Expenses.
For more information, click Income Tax Return.
Depending on your activities, you may also be required to meet certain business obligations, such as
- registering for certain Revenu Québec files when starting your business;
- collecting and reporting taxes.
For more information, click Consumption Taxes.
Depending on your activities, you may also be required to meet certain obligations for businesses, employers and payers, such as
- calculating and remitting to us the amounts withheld at source from the salaries or wages of your employees or beneficiaries;
- calculating your employer contributions and remitting them to us.
For more information, click Source Deductions and Contributions.