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I recently started doing random transcription jobs through Rev.com. I totally forgot about taxes! The T2125? It's paid in USD. Also does freelance effect tax credits?
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Troubleshooting
I'm thinking it's not really worth it.... Does this make sense or am I understanding wrong? I used CTB calculator to figure it out.
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Troubleshooting
You are required to report "all income" you receive in the year, regardless of where it comes from, and the CRA requires any income over the amount of $3,500.00 to be reported as Self-Employment income. (This income needs to be reported in Canadian dollars). And, of course, any time you add more income, your benefits are going to be affected.
Although your income may not exceed that threshold, the upside to you filing on the T2125 - Statement of Business Activities, is you can claim any expenses you may have incurred and possibly reduce that taxable income.
https://turbotax.intuit.ca/tips/small-business-tax-tips-filing-a-t2125-4119
Otherwise you can claim as "Other income not reported on a slip", but the gross amount will be added to your income, therefore you will pay tax on that full amount and also see the decrease in your benefits.