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Returning Member

T4A and Box 48

I have a value to enter in Box 48 of a T4A.  I am not self-employed and do not own a business.  What do I do?

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Highlighted
Employee Tax Expert

T4A and Box 48

By issuing a T4A slip, the person who paid you the income has declared to the CRA that you are not their employee. This means that you are "self-employed." This means unfortunately you do not get to choose how you report the income; you are required report as income the amount from Box 48 of the T4A of the Statement of Business or Professional Activities and you must include the province and industry code. The simplest fiscal year is a calendar year January 1 to December 31. 

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Moderator

T4A and Box 48

When you receive a T4A slip with an amount in Box 48, CRA requires you to report this as "Self-Employed" income on the T2125 - Statement of Business Activities.

 

What you will need to do after entering the T4A slip is go to the Self-Employment or Business Summary and choose to EDIT that T2125 Form that the Box 48 amount has transferred to. Here you can use your own name and address in the business information section, as well enter any expenses you may have to use to offset this business income. 

 

Please see this link from TurboTax: Why is TurboTax telling me I’m self-employed?

Highlighted
Returning Member

T4A and Box 48

Thanks.  Netfile wont let me file my return because I have errors relating to the T2125.  Its asking for the fiscal year, province where the business is located, and the industry code.  I don't own a business.  What do I do?

Highlighted
Employee Tax Expert

T4A and Box 48

By issuing a T4A slip, the person who paid you the income has declared to the CRA that you are not their employee. This means that you are "self-employed." This means unfortunately you do not get to choose how you report the income; you are required report as income the amount from Box 48 of the T4A of the Statement of Business or Professional Activities and you must include the province and industry code. The simplest fiscal year is a calendar year January 1 to December 31. 

View solution in original post