I have a T4A for an art project grant that finishes next year. How do I show that only a portion has been used for this year and the rest for next year?
I have a T4A for an art project grant that finishes next year. How do I show that only a portion has been used for this year and the rest for next year?
I received the grant as a lump sum and I have "paid" myself according to the timeline of the project. In the same regard, I have paid for wages and expenses for this year. However, I still have the remaining for next year. Right now it just shows that I have received this lump sum as "other income" without any way of showing my real income, expenses and how the remaining funds are deferred.
I have a T4A for an art project grant that finishes next year. How do I show that only a portion has been used for this year and the rest for next year?
You will need to enter the lump sum amount in the tax year it was received.
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