Sole Proprietorship Careful planning with a Chartered Accountant is warranted. Contact Keith Anderson CA at (780) 447-5830 if you need advice. A sole proprietorship is an unincorporated business that is owned by one person. It's the simplest kind of business structure. The owner of a sole proprietorship has sole responsibility for making decisions, receives all the profits and claims all losses personally. He does not have separate legal status from the business. Click HERE for more information on Proprietorships . As a sole proprietor, you pay income tax based upon the personal tax rates and brackets on all revenue generated by the business, net of any applicable business expenses. As a sole proprietor, you have to register for the goods and services tax/harmonized sales tax (GST/HST) if your worldwide annual taxable revenues are more than $30,000. Whether or not a proprietor is required to register for provincial sales tax purposes depends upon the type of business, and in which provinces it is conducted. Each province has different requirements in this area, with the exception of the HST provinces of Newfoundland, Nova Scotia and New Brunswick. For additional information with respect to income tax implications see Taxation of Sole Proprietorships section. Careful planning with a Chartered Accountant is warranted. Contact Keith Anderson CA at (780) 447-5830 if you need advice. Legal Notice And Disclaimer Privacy Statement | 
