Your T1204 is the slip used by the federal government that identifies contract payments.Unless your business is incorporated, this income on this slip is reported in the self-employment/business section of your return as "gross income". You can also deduct related expenses.
Here's a link for more information: https://www.canada.ca/en/revenue-agency/services/tax/businesses/contract-payment-reporting-system-cp...
Your T1204 is the slip used by the federal government that identifies contract payments.Unless your business is incorporated, this income on this slip is reported in the self-employment/business section of your return as "gross income". You can also deduct related expenses.
Here's a link for more information: https://www.canada.ca/en/revenue-agency/services/tax/businesses/contract-payment-reporting-system-cp...
This isn't true. I have been reporting this income as you note and two years in a row now my tax return has been re-assessed and the CRA makes me pay that amount AGAIN. You need to add this form into the tax software. The CRA doesn't recognize Turbo Tax's method of reporting this T1204 income. Please help! I've paid twice each year, once in gross income as you suggest and then again when the CRA dings me.