Is it a hobby or a business? CRA
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Many of us have hobbies that bring us joy; some of us have hobbies that bring us additional income. Whether you bake cupcakes and sell them to co-workers or go fishing after work and sell what you catch to friends, any profit you make from your passion could be considered business income, subject to income […]
FORM T2125 – STATEMENT OF BUSINESS OR PROFESSIONAL ACTIVITIES
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When a Canadian taxpayer earns business income or income from a profession, then in addition to having to report and pay tax on their profits, they also need to fill out a FORM T2125 CRA – STATEMENT OF BUSINESS OR PROFESSIONAL ACTIVITIES for each of their business or professional activities. Form T2125 is part of […]