How do I do my taxes if I am employed and work as contractor?
Hello,
You stated that you received both T4 income as an employee and T4A income as a self-employed contractor. Both incomes are taxable income. However, as a self-employed contractor you can claim the expenses you incurred to earn that income on the form T2125 Statement of Business or Professional Activities (copy here: http://www.cra-arc.gc.ca/E/pbg/tf/t2125/README.html). Please review the T4002 Business and Professional Income Guide (copy here: http://www.cra-arc.gc.ca/E/pub/tg/t4002/README.html) to determine what expenses and what are your record keeping requirements. In turbo Tax either through the forms or through EasySteps you would complete the form T2125 reporting the T4A income and then claiming your expenses.
How do I do my taxes if I am employed and work as contractor?
Hello,
You stated that you received both T4 income as an employee and T4A income as a self-employed contractor. Both incomes are taxable income. However, as a self-employed contractor you can claim the expenses you incurred to earn that income on the form T2125 Statement of Business or Professional Activities (copy here: http://www.cra-arc.gc.ca/E/pbg/tf/t2125/README.html). Please review the T4002 Business and Professional Income Guide (copy here: http://www.cra-arc.gc.ca/E/pub/tg/t4002/README.html) to determine what expenses and what are your record keeping requirements. In turbo Tax either through the forms or through EasySteps you would complete the form T2125 reporting the T4A income and then claiming your expenses.
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