Since you are an independent contractor, you should select the option that identifies your income type and links it to your specific business profile.
In the dropdown menu next to Box 48, you will likely see a list of codes like T2125B #1, T2125P #1, etc.
Here's how to choose the right one:
T2125B #1 (Business Income): Check this box if you provide a general service for a profit (such as consulting, gig work, trade work, or general contracting). This is the most common choice among independent contractors.
T2125P #1 (Professional Income): Choose this option only if you are a member of a recognized professional governing body that requires "work-in-progress" accounting (e.g., lawyers, accountants, engineers, doctors).
Hope this helps!
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