The Small Business Tax Help Blog

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Question: Is the small Business Tax rate for ’08 now 11% and what’s required to qualify?

My current business is a sole proprietorship in Ontario. Will that entitle me to an 11% tax rate or do I need to incorporate?

Answer: You do not need to incorporate to be a small business. Income from Sole-proprietorships is considered business income.

Here is the CRA info on how to file your income taxes as a sole-proprietor. The criteria for "small business" is by income.

http://www.cra-arc.gc.ca/tax/business/topics/solepartner/menu-e.html

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