T4A Box 48 self-employment statement

If you are self-employed, you can claim under expenses when filling out T2125. Use the T2125 form to report either business or professional income and expenses.

T212B: Business income—income from any activity you do for a profit and includes sales, commissions, or fees. T2125P: Professional income—income that is from a profession that has a governing body (such as one for lawyers, professional engineers, etc.) T2125C: Commissions—income that is from commission sales.

You will select what applies best and suits your situation.

Thank you for choosing TurboTax.

Thank you. I am aware that I need to report it as Business Income (which you have identified as falling under the T2125B heading), however, this still does not fully the answer the question as the drop down menu lists 4 options for T2125B #1,2,3,4. I need to know which number to select. TurboTax needs to provide clarification on this menu that I attached as a screenshot in my original post, to make it clear to users what each option means. Please provide further clarification on this menu for me.

Thanks for the feedback. You can pick #1, as it represents the number of slips you may have.

Yes please please please provide more descriptions regarding these options, I spent hours looking for what B,P,C meant, as well as all the forms

Yes, great question, as it was my first year as well with a T4A, and the multitude of options is overwhelming, especially without descriptors 

Most people should choose the T2125B, unless you work for commission, then use the T2125C. T2125P is for professionals (Lawyer, Vet, Doctor, Accountant etc..). T2042 is for Farmers and T2121 is for fishers.

The answers still do not give us all the info (I think) we need. My wife and I both have business income, so we have two "business income" slips (I use easy entry, so I don't know which explicit form is being created for that). Are the T4A entries supposed to be linked to specific business income slips? And how do I know which is #1 and which is #2.

You will add two T2125s for each business and make the necessary updates to the data. Additionally, the slip requests the name of the company, if you have one; you can add a name to set the slips apart. 

on the CRA website it states 

"If you are filing your return electronically, you have to use the industry codes from your tax preparation software.

Only use the industry codes listed below if you are filing your Income Tax and Benefit Return on paper."

I have found no such codes on turbotax. Only by going through NAICS did I see what I assumed to be the proper one

I have received the following explanation after calling the TurboTax help line. I hope this clears thing up for all who had a similar question to me.

T2125B = business income

T2125P = professional income

T2125C = commission income

T2042 = farming income

T2121 = fishing income

The numbers 1-4 in each category correspond to the numbered business or professional activity you have listed. So if you are self-employed and only have one business, choose T2125B #1. If you have multiple, T2125B #1 for income related to Business 1 and T2125B #2 for income related to Business 2 and so on.

I just posted this reply in response to my original post, but in case this is still helpful, this is all the info that I have so far.

T2125B = business income

T2125P = professional income

T2125C = commission income

T2042 = farming income

T2121 = fishing income

The numbers 1-4 in each category correspond to the numbered business or professional activity you have listed. So if you are self-employed and only have one business, choose T2125B #1. If you have multiple, T2125B #1 for income related to Business 1 and T2125B #2 for income related to Business 2 and so on.

Re the numbering, I've been told that the numbers 1-4 in each category correspond to the numbered business or professional activity you have listed. So if you are self-employed and only have one business, choose T2125B #1. If you have multiple, T2125B #1 for income related to Business 1 and T2125B #2 for income related to Business 2 and so on.

The only thing I got from calling turbotax helpline  was a suggestion to buy "assist and review"  

@aj knight To check what industry code applies to you, please refer to this CRA guide: North American Industry Classification System (NAICS) Canada 2022 Version 1.0

That's honestly the type of conversation that I was expecting... low expectations going in only leaves room for me to be pleasantly surprised when I instead encounter a helpful attitude and accurate advice.

I have an amount reported in Box 48 of my T4A but I don't own a business (nor would I fall in the professional category).  Is there any alternative to filling out the T2125?

Having your own business is not necessary to earn this type of income, which is regarded as self-employment.

You must complete that section and select the one that applies to you in order to finish T2125.

If you are self-employed, you can report earned income and claim expenses when filling out T2125. Use the T2125 form to report either business or professional income and expenses.

T212B: Business income—income from any activity you do for a profit and includes sales, commissions, or fees. T2125P: Professional income—income that is from a profession that has a governing body (such as one for lawyers, professional engineers, etc.) T2125C: Commissions—income that is from commission sales.

You will select what applies best and suits your situation.

Thank you for choosing TurboTax.

Hello, I input T4A tips, do I need fill in the self-employment profile, too? I have a commission income box 20 as well as professional income box 48. When i filled the self-employment profile (I think it refers to  the T2125P and T2125C, respectively) , asked my income and I input the  number of box 20 and box 48 of my T4A forms, and my income becomes double! what should I do?  Only after i submit the form to CRA,  it indicate the gross income and I found the mistake. It was too late.  Before I submit, only the net income was showed and I thought it was correct since it looked lower than my total income, considering the expense.