I have a side hustle (hobby) in which I review products advertised on Facebook. I purchase the things referenced in the ads, pay for them, and then review them. Then I get a refund for my purchase plus an additional $6 for each product. The review website pays me in USD via PayPal.
How should I go about reporting this? Can I deduct any of the product costs as expenses? I'm not self-employed, and the review website does not provide me a tax slip. This year, I received around $1,500 USD from them, the majority of which was reimbursement for purchases.
Thanks!
Since you've made less than CAD 3,500, you may report this income as "occasional earnings". Because you were reimbursed by the company for your purchases, you do not have any deductible expenses.
Please note that the foreign currency amount should be converted to CAD using the Bank of Canada exchange rate in effect on the day it arises.
TurboTax Online Instructions:
1. Go to the left side menu ≡ and click: Income > Other Income Sources > Income not reported on a T-Slip
2.Check the box: Received tips, gratuities, occasional earnings, or other employment income
Thank you for choosing TurboTax.
Since you've made less than CAD 3,500, you may report this income as "occasional earnings". Because you were reimbursed by the company for your purchases, you do not have any deductible expenses.
Please note that the foreign currency amount should be converted to CAD using the Bank of Canada exchange rate in effect on the day it arises.
TurboTax Online Instructions:
1. Go to the left side menu ≡ and click: Income > Other Income Sources > Income not reported on a T-Slip
2.Check the box: Received tips, gratuities, occasional earnings, or other employment income
Thank you for choosing TurboTax.