The Self Employed Commission amount reported (from real estate salesperson commission) on my T4A slip includes the amount of GST collected on the commission. So;
If , for example, the Commission amount reported is 10,000 and of that there was 1,300 in GST collected then my net income (not considering all the other aspects) should be reported as 8,700.....correct? (since I've already remitted the 1,300 as part of my GST filing)
How do I claim that 1,300 on my income tax return in order to reduce my taxable income amount?
Thanks!
Great question, I have exactly the same ask. I manually entered the 'net' in the self employed worksheet area and showed the GST on a separate line item in that worksheet. Then in summary I get screwed as NOW the t4a amount (full amount) ALSO shows as self employed revenue in addition to the net amount. So it is double counted. Not good.
As per the CRA- when completing a T4A BOX 20: Enter the amount of commissions you paid to an independent agent. Do not include GST/HST paid to the recipient on those services.
Therefore if the amount includes the GST/HST paid you will need to have them complete an updated T4A so that the CRA has a copy and that you can then enter the proper amounts.
Thank you for choosing TurboTax.