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I did a small amount of consulting for a month or so in 2020. Where is the best place to report this income?
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January 13, 2021
5:46 PM
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Self-employed
If your income is below $3500, claim them as other income:
- On the top bar, click on the magnifying glass to open the search window
- type "income not reported on a T-slip"
- Select occasional earning (the first choice) on the Employment Status Page
- On the "Other Employment Income Sources", specify the type of income and the amount
If your income is more than $3500, you will need to report it on the T2125 business sheet:
- Search for "self-employed" in the search engine on the top bar
- Choose the type of business income you are reporting
- Then fill in the necessary information on the business statement page
- You will be able to claim expenses against this income
For more information on how to fill your T2125 business sheet, check this link:
I hope this was helpful
February 10, 2021
11:27 AM