BizSugar.com › Taxes › 10 Corporate Income Tax Facts for Small Businesses

There are essentially two types of tax returns for small businesses and the self employed. If you are an unincorporated sole proprietor or a partnership, you are required to fill out the statement of business activities (T2125) on your personal tax return also referred to as the T1. If you are incorporated, then you are required to complete a corporate income tax return referred to as a T2.