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If you receive a T4A with Box 20 or Box 48 amounts, you are indeed self-employed for tax purposes, as both of these boxes are used exclusively to report self-employment income. You’re either a contractor or you’ve earned income from commission-based activities. Having a T4A with Box 20 or 48 means that you’re required to complete a bit of extra information at tax time. Since you’re self-employed, you’ll complete the business form T2125–Statement of Business or Professional Activities. The upside is you can also claim expenses to offset that income on that form. If you receive a T4A for self-employed income, be sure not to duplicate this income amount when you complete the T2125. For more information, check out the Guidelines for Reporting Self-Employment Income.
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