Jump to content
Français
Search In
  • More options...
Find results that contain...
Find results in...

T5018 where is it?


bandito

Recommended Posts

I have received a T5018 form from one of my employers. In the help it says to add the form in Self-employment in the Interview and select Business Income. I did as such but there is no T5018 opition. I entered the information as a business income (form T2125).  Is this correct?

Link to comment
Share on other sites

Hi bandito,

As a subcontractor, you received a "T5018 slip - Statement of Contract Payments". You should enter the information in the section "Self-employment income". To do so, please follow the steps below:

.1- In the "Left side menu on the Interview tab", select "Interview setup" and on the screen that appears on the right in the "Self-employment" icon, check the box "Self-employed business income", also if you paid tax by instalments, go to the icon "Tax paid by instalments" and check the box "Tax paid by instalment, tax transfer for resident of Quebec" and click "Next" at the bottom of the page.
2- Return to the "Left side menu on the Interview tab", click on "Self-employment income" and select the option "T2125 - Business income" on the right-hand side page.
3- On the "Business identification" page, enter the name of your business as well as all other information in the mandatory fields marked with a red asterisk.

4- 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.

5- Subsequently, after identifying your company, click on "Next" at the bottom of the page, and a new page will open called "T2125 - Business" to allow you to enter "Income, expenses".
Enter the amount from box 22 of your T5018 slip on the line "Gross sales, commissions or fees". If you received more T5018 slips or if you received fees for other contracts, enter the total amount in the same line.

6- If applicable, enter the information in the subsections "Motor vehicle expenses", "Home office expenses", etc. that are found in the "Left side menu on the Interview tab".

The program will generate federal form T2125, as well as Quebec form TP-80 for Quebec residents.

For more information, please visit the following link:

http://www.canada.ca/en/revenue-agency/services/tax/businesses/contract-payment-reporting-system-cprs.html

Link to comment
Share on other sites

Archived

This topic is now archived and is closed to further replies.

×
×
  • Create New...