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Returning Member
posted Jul 28, 2024 12:28:20 AM

Self employed income

Hi I currently do youtube and make very little money each year for about 3 years. Is it considered reasonable expectation of profit if I have low revenue?

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1 Replies
Level 2
Jul 30, 2024 6:04:53 AM

If the income you received from YouTube is under $3,500 (CAD) then you can report it as "other income"

  • Go to the Income Tab > Other Income Sources > Income not reported on a T-Slip.
  • Check the box - Received tips, gratuities, occasional earnings, or other employment income.
  • Continue to the page "Other Employment Income Sources" and make your entry.

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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