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Found 10 results

  1. Need some help clarifying self employment expenses and deductions. 2017 was the first year that I was self employed (business run in my home). 1) What is the difference between entering my expenses in the T2125 Income expenses section vs Home office expenses. 2) Are fees payable to the government (taxes & QPIP) deducted automatically or do I need to enter this somewhere?
  2. Hello team, My wife self-employment industry code was related to translations until 2017. In 2018 she started a paint/artistic activity and stopped to working on translations. On her self-employment interview, should I just change the NAICS code or should I create two T2125? . One informing that the activity from 2017 was closed and proceed with a fresh 2018 one. Could you please inform how is the correct way to do using online ufile? Thank you.
  3. I'm self employed and I want to stop paying CPP effective January 1 2017. So I do that under controls but my due amount doesn't change and it's still including the CPP. any help would be appreciated. Thank you.
  4. Hi, My fiance took professional courses to start her own business. Should I: 1) Enter these amounts as tuition expenses 2) Enter these amounts as business expenses for professional development (Capital expenses). Do I have the choice?
  5. Hello, My husband purchased a new MacBook, monitor and external hard drive in 2015 in the hope of earning income as a freelancer / self-employed independent contractor. He also as a full-time position which he received a T4. The use of the MacBook, monitor and external hard drive is in no way connected to his full-time position. He did not secure any freelance work in 2016 and therefore has $0.00 in income. Can he claim the MacBook, monitor and external hard drive as an employement expense or through some other type of deduction? Thanks. PF
  6. Hi I worked as a contract employee for a real estate company in Ontario from August-December 2014. I would log my hours and submit invoices and get paid. I was paid $18/hour. I had no CPP or tax deductions. I have no T4 slips or anything. I worked at the office so I have no expenses to claim. I was considered "self-employed" and "contract" I have a started a T2123 and I have a few questions... - My business name is "my name" correct? - What do I put for the "Beginning of fiscal period of business" and "Fiscal year-end of your business" in the Business Identification section? - Do I put my total gross income in "Gross sales, commissions, and fees" in the Income, Expenses section? Do I fill out any other lines in this section? - Does UFile automatically deduct CPP deductions and taxes and my return and give me the net amount? I would really appreciate some answers to these questions!!
  7. Hi everyone this is my first time on this forum. I was filing for a relative on UFILE and she has income from providing accommodation for a homestay student - which has been considered self-employment income by the CRA. So I tried filling the T2125 - Business Identification section but it's asking me for a 6-digit NAICS? I looked up the NAICS list but was still not sure which one to use. Does everyone know which one homestay income falls in? Some candidates(?): 624110 - Child and youth service 624190 - Other individual and family service Please let me what should I put. I'd really appreciate it.
  8. I changed jobs midway through 2014, and as a result have a significant CPP overpayment. I also have a very small amount of self-employment income. When I enter the self-employment income, the CPP overpayment line goes blank on my Tax Results page, and I get the following "Warning:" You have CPP contributions on self-employment and other earnings with CPP contributions on employment income. The result of the CPP contributions payable on self-employment and other earnings of Schedule 8 is negative. You may have an overpayment. In this situation, the CRA does not want an amount on line 448 and wants to calculate it for you. At the bottom of the Tax Results page it says that I am eligible Netfile. However, my question is: If I submit my tax return through Netfile, will I be refunded the CPP overpayment automatically, or will they just send me the amount owing without the CPP overpayment, and I will have to file an adjustment? Thanks!
  9. I'm having trouble understanding what to include for expense deductions. Here's some rough numbers for an example: Self-employment income: $1000 Home office expenses: $2000 (chose 70% as portion of PERSONAL use for electricity, phone, rent, etc. so the true calculated amount by UFile should be $600 for the deductible amount) Business expenses: $975 (such as supplies, advertising, professional dues, etc) CCA items: $2300 (such as computer equipment & software, photography equipment and tools) My deductions far outweigh my income, so should I not include some of the Business Expense or CCA items and save them for next year? The program calculated a negative net income for self-employment, is that allowed? I've read you can't use deductions/CCA to create a loss? To make things even more complicated... I also work as an employee, with a home office 50% of the time. (So I'm claiming Home-office expenses for this as well with T2200 form). But maybe my negative self-employment income is OK because I still have a positive overall net income? Thanks in advance
  10. Hello! I'm self-employed workinf from home. So, in ufile online, in Self-employment income -> Home office expenses there are following fields: "Portion (%) of home that is used for personal purposes" - I know what it is, not a problem. but "*Percentage of heat and light expenses that is attributable to the personal use portion" - what does it mean?? And how to calculate this? Can anyone clarify this for me? Thank you!
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