Income that I had claimed as 'Other Income' in 2014 was reassessed to be self-employed income. How do I go about sending in a T2125 for reassessed income?

I have to repay almost $900, but I need to claim expenses on this amount.

474

1 Best answer

New Member

Oct 29, 2019 9:08:14 PM

You will need to do a T1 adjustment to correct your 2014 taxes, as well as a T2125. I don't know what version you have. If you are using an online version, only Home and Business will do a T2125.

Alternatively, you can get both forms here at CRA:

http://www.cra-arc.gc.ca/E/pbg/tf/t1-adj/README.html

http://www.cra-arc.gc.ca/E/pbg/tf/t2125/README.html

New Member

Oct 29, 2019 9:08:14 PM

You will need to do a T1 adjustment to correct your 2014 taxes, as well as a T2125. I don't know what version you have. If you are using an online version, only Home and Business will do a T2125.

Alternatively, you can get both forms here at CRA:

http://www.cra-arc.gc.ca/E/pbg/tf/t1-adj/README.html

http://www.cra-arc.gc.ca/E/pbg/tf/t2125/README.html

New Member

Oct 29, 2019 9:08:16 PM

Thanks for the links. My T1 has already been adjusted by the CRA. I'm just wondering how to apply the T2125 to the balance that I now owe? Do I pay the balance first, or do I send in the T2125 first?

New Member

Oct 29, 2019 9:08:17 PM

Normally the T1 adjustment would also be used to change the results caused by the input on the T2125. In your case, I would copy all of the applicable receipts, keep the copies for your records and send the T2125 and receipts off to CRA with a letter asking them to reassess based on the documentation.

Why sign in to the Community?

Income that I had claimed as 'Other Income' in 2014 was reassessed to be self-employed income. How do I go about sending in a T2125 for reassessed income?