March 15, 2018

Here’s What You Can Claim On Your Income Tax

Tax time is coming, and if you’re adding to your income with a side hustle, then remember it may count as income too. The Canada Revenue Agency (CRA) wants to know about it all. This means you need to report all income (even if you received it in cash) in the construction, food and services or retail industries. There are exceptions, like flipping a house that is considered your primary residence, but if you’re doing it with multiple locations at one time, then your capital gains may be 100 percent taxable. Income earned in a self-employed capacity (including Uber, Airbnb, Etsy professionals) won’t go on your T4 but rather needs to be reported on Form T2125 Statement of Business or Professional Activities. Remember you can claim any reasonable expenses that you made to earn that income. The best advice is to keep a proper record of your income and back up any expenses with receipts.

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