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mikeb27

Self employment income?

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Hi, 

 

I am technically employed by a newspaper company as an independent contractor, and they direct deposit cash into my bank account, leaving me responsible to claim my own taxes. 

 

Where do I begin? Do I fill out a T2125 as a personal business?

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You must include in your tax return all income earned from self-employment. This may be business, professional, commission, farming or fishing income. To enter this amount in the program, please follow the steps below:
 

1- In the "QuikClik Navigator", on the left-hand side of the screen, select "Interview setup".

2- On the page that appears on the right, select the "Self-employment business income" and click "Next".

3- Return to the "QuikClik Navigator", click on the line "Self-employment income" and select the option that corresponds to your situation on the right-hand side page. Furthermore, if you wish to pay your registration fees for Quebec, you must choose the option "Annual fees in Quebec".

4- On the "Business identification" page, enter the name of your business on the line "Name of the professional business (or your own name, if the business does not have one)", then enter the other information in the mandatory fields marked with a red asterisk.

5- In the field for "6-digit code from the North American Industry Classification System", enter the code that best describes your industry. If you do not know the code, click on the tool tip (the question mark) (?) on the right-hand side of the box to get it.

6- Subsequently, after identifying your company, a sub-menu will appear in the "QuikClik Navigator" to allow you to enter "Income & expenses", "Motor vehicle expenses", "Home office expenses" and so on.
 

The program will also generate federal form T2125, as well as Quebec form TP-80 if applicable.
 

Furthermore, we recommend that you read the T4002 guide published by the CRA, for more information on what qualifies as a business expense.
 

For more information, please visit the following link:
 

http://www.cra-arc.gc.ca/E/pub/tg/t4002/
 

For Quebec residents, we suggest that you consult the "Business and Professional Income" guide, published by Revenu Québec. You can visit the following link:
 

http://www.revenuquebec.ca/en/citoyen/impots/rens_comp/particularites/revenus.aspx

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Thanks for your reply.  I mean whether the people who file tax as self employment need to fill a balance sheet or not. The balance sheet is the one under Self-employment income section.  Thank you.

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