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I am a consultant for a financial company with expenses such as auto, home office, insurance, fees, etc. How do I incorporate the T2125 form?
The program always bring up the T707 form that is not valid.
October 29, 2019
8:32 PM
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Self-employed
Did you incorporate or is your practice is a sole proprietorship?
October 29, 2019
8:32 PM
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Self-employed
I will assume you meant the T777, Statement of Employment Expenses, as there is no T707.
Further to @taxnano's question, if you are not incorporated, are you self-employed or an employee with vehicle and home-office expenses? (I.e. do you receive a T-slip from the financial company?)
Further to @taxnano's question, if you are not incorporated, are you self-employed or an employee with vehicle and home-office expenses? (I.e. do you receive a T-slip from the financial company?)
October 29, 2019
8:32 PM
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Self-employed
@Rhino, it says T2125 which is for self employed professionals.
@AlCat This would be for non incorporated businesses. See the guide for non incorporated professional income http://www.cra-arc.gc.ca/E/pub/tg/t4002/README.html
@AlCat This would be for non incorporated businesses. See the guide for non incorporated professional income http://www.cra-arc.gc.ca/E/pub/tg/t4002/README.html
October 29, 2019
8:32 PM
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Self-employed
@Sally7, if EasyStep is giving him the T777, that may be what he needs unless he answered questions incorrectly. That is what I am trying to clarify.
October 29, 2019
8:32 PM
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Self-employed
Many of you have been very helpful with vague detail to go on. Thanks, I used Forms and selected T2125 and ignored T777. Cheers / all is good and filed.
October 29, 2019
8:32 PM
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Self-employed
You need to claim your tax return as self employed, complete each field with the income and expenses. This will generate the T2125 form.
October 29, 2019
8:32 PM
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Self-employed
Thanks. I have checked 'self employed'; however, I'll go through that section again.
October 29, 2019
8:32 PM
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Self-employed
The T2125 form will be generated with your copy of the tax return in PDF format. I highly suggest you to keep a copy of the tax return and additional forms for yourself.
October 29, 2019
8:32 PM
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Self-employed
@AlCat I am glad to see that you are able to understand your tax return, and you have the selected to correct answer if you are self employed with professional income. It never hurt to double check your answers over and over again.
October 29, 2019
8:32 PM