Sole proprietorship LLPCanada · British Columbia
What it takes to form, own and run a sole trader in Canada · British Columbia, and how its profit is taxed. Each figure links to the page it was read from.
This company type
At a glance
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(b) is not associated in partnership with any other person or persons, and
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This income may be earned from a business you operate yourself as a sole proprietorship or with someone else as a partnership.
Form it
Who registers it
- Registry
- Formed without visiting
- Yes
- Formed online
- Yes
What it takes to form
- A notary
- Not required
- A resident director
- Does not apply
- Paying up the capital
- Not in our records
Own it
Who may own and run it
- Directors
- Does not apply
- Shareholders
- Does not apply
- Members
- At least 1 · at most 1 · one person may form it alone
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(b) is not associated in partnership with any other person or persons, and
- A local company secretary
- Does not apply
- A local registered agent
- Not required
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must state the following: (a) the name that is reserved under section 89, by way of a reservation that is in effect when the registration statement is filed, to be the business name of the sole proprietorship; (b) the general nature of the business carried on or intended to be carried on;
Each year, at the registry
Not in our records Annual registry fee, Accounts on the public record, Audit for a small company, Audit: none of these is in our records for the LLP.
Important dates
When each obligation falls due, as the authority states it.
Not in our records No dates for the LLP are in our records.
What is public
- Shareholders
- Public
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(c) the person's full name and residential address or, if the person is not an individual, the person's name and address.
Tax
Tax on profit
How this company type is taxed, which can differ from its place’s headline rate.
Through owners
Self-employment income is reported on the proprietor's own income tax and benefit return; the business is not taxed separately.
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This income may be earned from a business you operate yourself as a sole proprietorship or with someone else as a partnership.
- CFC rules in Canada
- Not in our records
Close it
Closing it
The other end, which most guides leave out.
- Route
- Online: file REG 722, Dissolution of Proprietorship or Partnership, through the BC Registry.
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Dissolution of Proprietorship or Partnership File online Free
- Statutory fee
- Free
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Dissolution of Proprietorship or Partnership File online Free
Every business in Canada · British Columbia
GST
- The tax
- GST/HST (goods and services tax, harmonized with provincial tax in participating provinces)
- Standard rate
- 5%
The federal GST is 5%. HST replaces it at 13% in Ontario, 14% in Nova Scotia and 15% in New Brunswick, Newfoundland and Labrador and Prince Edward Island; Quebec charges the 5% GST plus QST of 9.975%, and other provinces charge the 5% GST plus their own retail sales tax.
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GST/HST and PST rates Province GST and HST PST Alberta 5% 0% British Columbia 5% 7% Manitoba 5% 7% New Brunswick 15% N/A Newfoundland and Labrador 15% N/A Northwest Territories 5% 0% Nova Scotia 14% N/A
- Other rates
- 0% Zero-rated supplies, such as basic groceries
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A zero-rated supply has a 0% GST/HST rate throughout all of Canada. For example, basic groceries are taxable at the rate of zero (0% GST/HST) in every province and territory.
- Registration threshold
- CAD 30,000 · about €19,013
total revenues from taxable supplies in Canada, including zero-rated supplies; a single calendar quarter or four consecutive calendar quarters
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You do not exceed the $30,000 threshold Footnote 1 over four consecutive calendar quarters.
- Voluntary registration
- Yes
A small supplier may choose to register voluntarily if it makes taxable sales, leases or other supplies in Canada.
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You may choose to register voluntarily if you make taxable sales, leases, or other supplies in Canada.
- A foreign company
- The same threshold applies; no local representative required
A non-resident carrying on business in Canada registers under the normal regime only if it makes taxable supplies in Canada and is not a small supplier, so the $30,000 threshold applies to it; a non-resident that does not carry on business in Canada may still have to register under the simplified regime. No representative is required, but a registrant without a permanent establishment must generally give the CRA a security deposit.
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Non-residents who carry on business in Canada must register for the GST/HST under the normal GST/HST regime if they make taxable supplies in Canada and are not small suppliers.
- Returns filed
- Depends on the business
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Assigned and optional reporting periods Annual taxable supplies threshold amounts Assigned reporting period Optional reporting periods $1,500,000 or less Annual Monthly, quarterly More than $1,500,000 up to $6,000,000 Quarterly Monthly More than $6,000,000 Monthly Nil
- Tax authority
- Registration page read 2026-10-22
Payment and banking services
3 services name Canada on their own list: Paysera, Airwallex, Stripe. Each provider, and what a listing means.
Reference
Its name and code
- Kind
- Sole traderDerived our grouping, the same words in every country
- Name in law
- Sole proprietorship (LLP)
- ISO 20275 code
- 1CMLSecondary GLEIF, Entity Legal Forms code list