Hi, I am full time student and still dependent. I didn't work this year but I received income (ad revenue generated from Youtube).
So do I report this income as self-employed or as other income ?
I read TurboTax tax preperation tips for self-employed canadians and it says that "according to the Canada Revenue Agency, if you provide a service or a product with an expectation of profit, you are considered self-employed".
I don't own a business so I think it falls under the category of other income...
I want a tax expert to help me please.
If the income you received from YouTube is under $3,500 (CAD) then you can report it as "other income"
If your occasional earnings exceed $3,500 gross, CRA requires you to report this a "Self-Employed" earnings on a T2125 Statement of Business Activities. You will be required to pay CPP contributions on any net amount (after expenses) that is over the $3,500 threshold. You will then need to navigate to the Self-Employment section of TurboTax and report this as an "Other type of Business".
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