Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
New Member
posted Oct 30, 2019 9:43:22 AM

Is it considered self employed if I'm earning income from my own incorporated company? The forms are asking for financial info specific to company, seems unnecessary.

0 1 719
1 Replies
New Member
Oct 30, 2019 9:43:24 AM

The corporation will determine the nature of any payout to shareholder owners and report on required slips. Such as T4 (Employment) T4A (directors Fees) T5 (Dividends, Eligible or non-eligible) and amounts that may be considered as tax free such as automobile allowance (under CRA guidelines), office in home reimbursement (reasonable under CRA guidelines ) and return of shareholders loans. You will need to reconcile this with the corporation and make sure the amounts are declared and reported correctly.

You are not personally self-employed when receiving payments from your own corporation.