Assignment 6 – Prepare a tax return with self-employment business income


  • Learn how to claim business income – Form T2125


  • Please fill out the tax return based on the form provided below.

Documents for Assignment:

Self-employed Income and Expenses

Additional Questions to Complete:

  1. Why do business owners usually owe more taxes than salaried employees at the end of the year?
  2. Is clothing/dry cleaning tax deductible?
  3. What is the dollar threshold for an item to be considered an asset?
  4. When are self employed taxes due?