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Self employed income
Hi I currently do youtube and make very little money each year for about 3 years. Is it considered reasonable expectation of profit if I have low revenue?
July 28, 2024
12:28 AM
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Getting started
If the income you received from YouTube is under $3,500 (CAD) then you can report it as "other income"
- Go to the Income Tab > Other Income Sources > Income not reported on a T-Slip.
- Check the box - Received tips, gratuities, occasional earnings, or other employment income.
- Continue to the page "Other Employment Income Sources" and make your entry.
If your occasional earnings exceed $3,500 gross, CRA requires you to report this a "Self-Employed" earnings on a T2125 Statement of Business Activities. You will be required to pay CPP contributions on any net amount (after expenses) that is over the $3,500 threshold. You will then need to navigate to the Self-Employment section of TurboTax and report this as an "Other type of Business"
Thank you for choosing TurboTax.
July 30, 2024
6:04 AM