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How do I link a T4A to my existing small business?
I already have an on-going small business history in Turbo Tax carrying forward from previous years. Now the company for whom I am an Independent Consultant earning commissions only is issuing a T4A. How do I link the amount I entered in Easy Step as T4A Box 20 to the existing info in the Business Summary (from previous years)?
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Income reported in box 20 of a T4A will report as commission income and claimed on the self-employment schedule for a commission based enterprise. You will need to create the Commission Business Schedule and claim expense against this income.
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Some one else might also suggest just deleting the previous T2125 and re-enter all of this information in the new schedule as if the business was already existing. An acceptable explanation to CRA is that you were forced to change business type mid-stream due to the reporting obligations of this new income source. More of a paper shuffle then any thing but I understand this is an inconvenience to you.
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Access the PDF under the "Review" tab > Bottom Line (tax summaries) and below the "Magnifying glass and paper" will be the "Review T1 General in Blue".
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So I have to transfer all of my tax information from my 2125 into the new company created by the software? And then delete the old form?
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I had the same problem, but I just had to move my T4A income from the Box 48 labelled "Professional Fees" to the Box 48 labelled "Business Fees". Then the T4A income linked to my existing business.