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July 28, 2024
Question

Self employed income

  • July 28, 2024
  • 1 reply
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Hi I currently do youtube and make very little money each year for about 3 years. Is it considered reasonable expectation of profit if I have low revenue?

    1 reply

    July 30, 2024

    If the income you received from YouTube is under $3,500 (CAD) then you can report it as "other income"

    • Go to the Income Tab > Other Income Sources > Income not reported on a T-Slip.
    • Check the box - Received tips, gratuities, occasional earnings, or other employment income.
    • Continue to the page "Other Employment Income Sources" and make your entry.

    If your occasional earnings exceed $3,500 gross, CRA requires you to report this a "Self-Employed" earnings on a T2125 Statement of Business Activities. You will be required to pay CPP contributions on any net amount (after expenses) that is over the $3,500 threshold. You will then need to navigate to the Self-Employment section of TurboTax and report this as an "Other type of Business"

     

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