I charged a company consulting fees. Are those fees supposed to be claimed here as income? How do I deduct business expenses?

[mohamed_96]

Thank you for your question.

Yes the consulting fees are supposed to be declared as income. You will likely declare the consulting fees as self-employment income. To claim self-employment income, you must fill out a form T2125 - Statement of Business Activities. To fill the form out, click on Income, then on self-employed. You will go page by page, then you will see the form T2125.

To deduct business expenses using TurboTax online:

1. Select Find in the upper-right area.
2. In the Find window, type “Self-employment,” select it from the list of results, then select Go.
3. On the Your Self-employment Profile for 20xx step, select all of the checkboxes that apply to you, then select Continue.
4. Follow the instructions onscreen to reach the expenses section.

You have finished the expenses section when you reach the [Name], here’s your capital cost allowance for your assets step.

Make sure you have receipts for all expenses claimed (for example, for gas and repairs). The CRA may ask you to provide them to prove your claims.

Where do I claim my employment expenses in the online edition of TurboTax?

Where do I claim my employment expenses in the CD/download edition of TurboTax?

If you have any questions, please contact us.