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Income that I had claimed as 'Other Income' in 2014 was reassessed to be self-employed income. How do I go about sending in a T2125 for reassessed income?
I have to repay almost $900, but I need to claim expenses on this amount.
October 29, 2019
9:08 PM
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Getting started
You will need to do a T1 adjustment to correct your 2014 taxes, as well as a T2125. I don't know what version you have. If you are using an online version, only Home and Business will do a T2125.
Alternatively, you can get both forms here at CRA:
http://www.cra-arc.gc.ca/E/pbg/tf/t1-adj/README.html
http://www.cra-arc.gc.ca/E/pbg/tf/t2125/README.html
October 29, 2019
9:08 PM
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Getting started
Thanks for the links. My T1 has already been adjusted by the CRA. I'm just wondering how to apply the T2125 to the balance that I now owe? Do I pay the balance first, or do I send in the T2125 first?
October 29, 2019
9:08 PM
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Getting started
Normally the T1 adjustment would also be used to change the results caused by the input on the T2125. In your case, I would copy all of the applicable receipts, keep the copies for your records and send the T2125 and receipts off to CRA with a letter asking them to reassess based on the documentation.
October 29, 2019
9:08 PM