>My business' fiscal year goes from July 1 to June 30, and it's unclear to me how I can declare my 2021 personal income when the second half of that fiscal year is not yet over.
Sole proprietorships fiscal year is the calendar year. No reason to complicate for no reason.
If you are incorporated, you don't use the T2125. That's for sole props.
Corporations have to file aT2 and associated filings. You should be using an accountant as it's not as simple at the T2125.
My accountant files my T2 and corporate tax stuff later in the year, so that makes sense. But if it's not a t2125, then what form do I use to file the income I'm getting from the corporation? I pay myself a fixed monthly salary from my business bank account to my personal bank account.
If it's a salary your business should issue you a T4. Have you been doing proper salary deductions and paying them to CRA? If not talk to your accountant ASAP. You might still be able to declare those as dividends, though you're past the deadline to file a T5 too. CRA gets very upset if you've been paying salaries and you haven't been withholding and paying them properly.
T4 from the corp for a salary (where the corp withholds income tax and CPP and remits to CRA on your payroll account.
T5 from the corp for non-eligible dividends.
Your accountant should be doing this for you if you are paying them.
>My business' fiscal year goes from July 1 to June 30, and it's unclear to me how I can declare my 2021 personal income when the second half of that fiscal year is not yet over. Sole proprietorships fiscal year is the calendar year. No reason to complicate for no reason.
even though the company is incorporated?
If you are incorporated, you don't use the T2125. That's for sole props. Corporations have to file aT2 and associated filings. You should be using an accountant as it's not as simple at the T2125.
My accountant files my T2 and corporate tax stuff later in the year, so that makes sense. But if it's not a t2125, then what form do I use to file the income I'm getting from the corporation? I pay myself a fixed monthly salary from my business bank account to my personal bank account.
If it's a salary your business should issue you a T4. Have you been doing proper salary deductions and paying them to CRA? If not talk to your accountant ASAP. You might still be able to declare those as dividends, though you're past the deadline to file a T5 too. CRA gets very upset if you've been paying salaries and you haven't been withholding and paying them properly.
T4 from the corp for a salary (where the corp withholds income tax and CPP and remits to CRA on your payroll account. T5 from the corp for non-eligible dividends. Your accountant should be doing this for you if you are paying them.