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I have received the following explanation after calling the TurboTax help line. I hope this clears thing up for all who had a similar question to me.
T2125B = business income
T2125P = professional income
T2125C = commission income
T2042 = farming income
T2121 = fishing income
The numbers 1-4 in each category correspond to the numbered business or professional activity you have listed. So if you are self-employed and only have one business, choose T2125B #1. If you have multiple, T2125B #1 for income related to Business 1 and T2125B #2 for income related to Business 2 and so on.
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I just posted this reply in response to my original post, but in case this is still helpful, this is all the info that I have so far.
T2125B = business income
T2125P = professional income
T2125C = commission income
T2042 = farming income
T2121 = fishing income
The numbers 1-4 in each category correspond to the numbered business or professional activity you have listed. So if you are self-employed and only have one business, choose T2125B #1. If you have multiple, T2125B #1 for income related to Business 1 and T2125B #2 for income related to Business 2 and so on.
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Re the numbering, I've been told that the numbers 1-4 in each category correspond to the numbered business or professional activity you have listed. So if you are self-employed and only have one business, choose T2125B #1. If you have multiple, T2125B #1 for income related to Business 1 and T2125B #2 for income related to Business 2 and so on.
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The only thing I got from calling turbotax helpline was a suggestion to buy "assist and review"
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@aj knight To check what industry code applies to you, please refer to this CRA guide: North American Industry Classification System (NAICS) Canada 2022 Version 1.0
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That's honestly the type of conversation that I was expecting... low expectations going in only leaves room for me to be pleasantly surprised when I instead encounter a helpful attitude and accurate advice.
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I have an amount reported in Box 48 of my T4A but I don't own a business (nor would I fall in the professional category). Is there any alternative to filling out the T2125?
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Having your own business is not necessary to earn this type of income, which is regarded as self-employment.
You must complete that section and select the one that applies to you in order to finish T2125.
If you are self-employed, you can report earned income and claim expenses when filling out T2125. Use the T2125 form to report either business or professional income and expenses.
T212B: Business income—income from any activity you do for a profit and includes sales, commissions, or fees. T2125P: Professional income—income that is from a profession that has a governing body (such as one for lawyers, professional engineers, etc.) T2125C: Commissions—income that is from commission sales.
You will select what applies best and suits your situation.
Thank you for choosing TurboTax.
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Hello, I input T4A tips, do I need fill in the self-employment profile, too? I have a commission income box 20 as well as professional income box 48. When i filled the self-employment profile (I think it refers to the T2125P and T2125C, respectively) , asked my income and I input the number of box 20 and box 48 of my T4A forms, and my income becomes double! what should I do? Only after i submit the form to CRA, it indicate the gross income and I found the mistake. It was too late. Before I submit, only the net income was showed and I thought it was correct since it looked lower than my total income, considering the expense.