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posted Apr 30, 2023 5:19:42 PM

Which section to I enter my income into? I'm confused?

I'm an independent contractor and I was paid periodically to do executive work, I didn't make tips, which section do I enter my total income into?

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1 Replies
Level 2
May 1, 2023 7:56:17 AM

Hi there! 

 

As an independent contractor, you’re required to complete Form T2125 (Statement of Business or Professional Activities).

  1. Complete a separate copy of Form T2125 for each business that you operate.
  2. At the top of Form T2125, you enter the amount and type of income you earned, such as fees and sales commission.
  3. Below that, enter eligible expenses you’d like to deduct.

Review the CRA’s full list of expenses. Some can be fully deducted, while you can only deduct half for expenses that include meals and entertainment.

 

To learn more, visit: https://turbotax.intuit.ca/tips/how-do-you-file-contract-payments-133