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New Member
posted Apr 30, 2023 6:15:03 PM

I am currently doing research in Taiwan. So there is no industry code

Doing reserach in philosophy

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1 Replies
Level 2
May 1, 2023 7:57:17 AM

Hi @wchan-brocku-ca,

 

Thanks for your question! I have included a link for your review:
https://turbotax.intuit.ca/tips/finding-the-right-industry-code-for-your-business-tax-return-6150

 

Entering the proper industry code into your TurboTax return is an important step in maximizing your deductions and any items available for deduction. It's also important to stay consistent in your industry coding from year to year unless your business has drastically changed.

Use the following process to find your industry code:

 

  1. Visit the website for the North American Industry Classification System (NAICS)
  2. Select the code that most closely represents your work. The page will then refresh with a new set of codes
  3. Continue selecting codes to narrow down your specific area of expertise until you reach a page containing six-digit codes
  4. Choose the code that most closely represents your work, and use that as your industry code

Note: If you have income from self-employment or if you own a small business, you'll also need to enter a six-digit industry code into your tax return (the CRA’s NETFILE service will reject your tax return if you use an incorrect or outdated code). Some sectors, sub-sectors, industry groups, and industry categories include an item that belongs with “Other.” You can choose that code if you're unable to find a code that's directly relevant to your scenario

Does this help answer you question?
- V