Finding and entering the proper industry code into your TurboTax return is an important step in maximizing deductions, and items available for deduction. It is also important to remain consistent in your industry coding from year to year, (unless your business changes drastically). To locate the industry code that most applies to your line of work, use the following process:
How do I find my industry code?
- If you have income from self-employment or if you own a small business, you will also need to enter a six-digit industry code into your tax return.
- The CRA’s NETFILE service will reject your tax return if you use an incorrect or outdated code.
- Some sectors, subsectors, industry groups, and industry categories include an item that belongs with “Other.” You can choose that code if you are unable to find a code that is directly relevant to your scenario.