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QUESTION:
Hello There,
Just a question about how to enter employment income on my tax return. I am
fulltime employed by a company and i receive a T4 from them. But i also do
some work on the side privatley. For this i just invoice the customer
directly. Also how can i claim any expenses asociated with this income.
Thanks for your help
===================================
david ingram replies:
The income from your employer will go on line 101 of a T1 General - You can NOT use a T1 short or T1 special.
You must then get hold of a T2124 which has a place for the gross income you have billed your customer.
Then it has a lot of other lines with deductions for advertising, accounting, rent, subcontracts, auto expense, office in your home, etc.
When you have subtracted your expense from your income you will have a positive (profit) figure or a negative (loss) figure. This profit or loss as the case may be is then entered on line 135 of the T1 General.
Judging from your email address, I am willing to bet that you are making over $40,000 per year.
However, if you were under $38,000 or so, you would also have to fill out Schedule 8 (comes with the T1-General) to calculate any Canada Pension Plan payments that you owed on your self-employed income.
You could always just take your return in to any of the CEN-TA TAX Associate offices in Abbotsford, Surrey, Vancouver or West Vancouver.
Answers to this and other similar questions can be obtained free on Air every Sunday morning.
Starting this Sunday at 9:00 AM on 600AM in Vancouver, Fred Snyder of Cartier Partners and I will be hosting an INFOMERCIAL but LIVE talk show called "ITS YOUR MONEY"
Those outside of the Lower Mainland will be able to listen on the internet at www.600AM.com
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