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A T1204 is an information slip that is provided to a contractor and the CRA for information purposes only. This form indicates the total contract payments a government organization made to the contractor for services during the calendar year. In addition to the payments for services, the amount may also include payments for products, expenses or reimbursements.
Since a contractor has to pay tax on all income earned, and because the amount indicated on the T1204 slip sometimes represents a combination of payments, the contractor must complete the appropriate tax form to determine the amount of taxable income to report on his or her return. Typically, the form needed is the T2125 - Statement of Business Activities.
To enter your self-employment income and expenses:
- In the upper-right corner of your screen, select Find*.
- In the Find window, type Self-Employment and select Go.
- On the Your Self-employment Profile step, select the type of income you had and select Continue.
Then, follow the steps to enter your self-employment info.
