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The easiest way to make your dropshipping business legal is by registering your dropshipping business as Sole Proprietorship, which means that you don’t need to obtain a business license. And you conduct your business under your name, making the process of start-up much easier.
Canada employs a progressive tax system, which means that your tax increases with the amount of revenue. In 2022, the parameters for taxation were like this.
Tax Rate Tax Brackets Taxable Income
15% on the first $50,197 $50,197
20,5% on the next $50,195 $50,197 up to $100,392
26% on the next $55,233 $100,392 up to $155,625
29% on the next $66,083 $155,625 up to $221,708
Dropshipping business in Canada is steadily growing and increasing its yearly revenue constantly. It is predicted that in 2023 this revenue will amount to $55 billion. So the answer is yes, dropshipping is certainly profitable in Canada, and it will continue to be even more profitable in the coming years.
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