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Where should I put subcontractor expenses on a T125? Wages, professional fees or other expenses
Are subcontractor fees not considered a cost of goods sold on a T125? I only have the option to record those expenses under wages, professional fees or other expenses
February 7, 2022
6:54 AM
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Self-employed
Choose “Self-Employment Summary” from under “Self-Employment” in the “Income” tab. Click “Edit” next to your business and then click on “Income and inventory”. Click on “Skip Income” to go to the “Inventory” section.
There you can put your amounts paid for sub-contractors in the space for “Did you hire any Subcontracts?”. Even though the description only mentions goods, it applies to services as well. If you use the “Salaries, Wages and Benefits” spot under Business Expenses, the CRA will expect you to have run a proper payroll (EI, CPP, issued slips, etc…).
Thank you for choosing TurboTax.
November 24, 2022
11:37 AM