A T5018 form is an information slip provided to contractors and to the CRA for information purposes only. This form shows the total contract payments made by a privately-owned business to the contractor for services during the calendar year. In addition, the amount may also include payments for things such as products, expenses or reimbursements.
Since contractors have to pay tax on all income earned (and the amount indicated on a T5018 slip can sometimes represents a combination of payments), contractors also typically enter their self-employment income on a T2125 form as well, which helps in determining the amount of taxable income to report on their return.
To enter self-employment income:
- Select the icon of the magnifying glass (or Find), on TurboTax and type Self-employment, then select Go.
- The Your Self-employment Profile page will appear.
- Follow the steps to complete the Statement of Business Activities section.
Note: Only minimal entries are required. For example, your personal name and address can be used as the business name and address, etc.