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In your income tax and benefit return, enter your gross income and net income separately for each self-employment source on lines 13500 to 14300. A T2125 Statement of Business Activities form is used to calculate these amounts, which is part of your personal income tax return. Gross income is what you earn before you deduct any expenses. Net income is what remains after expenses are deducted.
- Expenses incurred to earn self-employment income can be deducted.
- The expense must be justified as necessary to earn your self-employment income.
- Expenses that do not contribute to self-employment income cannot be deducted.
For each of your business activities, you need to complete a separate T2125.
Please visit the link provided for further clarifications:
TurboTax: Guidelines for Reporting Self-Employment Income
TurboTax video: https://www.youtube.com/watch?v=X-vZxfJhTyE
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