Cra box 048
WebMy T4A has an amount in box 20 and/or 48. Amounts in box 20 (self-employment commissions) and box 48 (fees for services) of a T4A slip are treated as self-employment income. If you have an amount in box 20 and/or box 48 on your T4A slip, you’ll need to also report this income and any related expenses on the T2125: Statement of business or … WebMay 17, 2024 · When you receive a T4A slip with an amount in Box 48, CRA requires you to report this as "Self-Employed" income on the T2125 - Statement of Business Activities. …
Cra box 048
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WebMar 4, 2013 · If you do conclude the workers are contractors and you issue a T4A, enter the amount in box 048: Fees for Services. Helene August 1, 2024 at 10:44 am - Reply. ... in which case you don’t have a legal obligation to file a return unless Canada Revenue Agency (CRA) asks for one. WebJun 2, 2024 · Once filed with the CRA, either your client or you should keep the papers and electronic records of the returns for six years thereafter. Clients that are employees, on the other hand, may see you filling both T4 and T4A slips, depending on the client’s income situation. ... Box 048 – Fees for Services ...
WebAccording to the CRA Guide, box 028 of the T4A slip allows you to enter any other amount which may be declared elsewhere on a T4A slip or any other. However, payment for services must be reported under Box 048 of the T4A. You have received a T4A with the amount shown in box 028; we suggest you contact the issuer of the slip for a verification ... WebThe amount that would appear in box 048 of the T4A - "Fees for services - Honoraires ou autres sommes pour services rendus" is the sum of all payouts for the tax year not including HST payments. This amount can be calculated using the Account activity and balance report from Reports. Frequently asked questions In this section:
WebMar 30, 2024 · Hello MMD, According to the CRA Guide, box 028 of the T4A slip allows you to enter any other amount which may be declared elsewhere on a T4A slip or any other. However, payment for services must be reported under Box 048 of the T4A. You have received a T4A with the amount shown in box 028; we suggest you contact the issuer of … WebFeb 26, 2024 · I doubt there should be any problem but if anything CRA will inform you. If you would have mail your tax return again, you WILL NEED to include the slips and receipts with your tax return. ... The amount in box 048 of the T4A slip must also be reported within the corresponding business as self-employment income. The amount in box 028 of the …
WebDec 22, 2024 · T4A and T5018 forms. The T4A form is a record of what you paid to a subcontractor during the previous calendar year. They need to be filed with the Canada Revenue Agency (CRA) on or before the last day of February after the calendar year the information return applies to. You'll also need to provide copies of the T4A to your suppliers.
WebWhen I asked for a slip, it was indicated that I enter in the amount earned in Box 048 - "Fees for Services". I entered that in and sent my taxes along their merry way. I was recently reassessed as the income report was moved to be considered as regular income so I have to pay about 29% back to the CRA. It isn't a huge amount but when it's ... camping rocking chairs foldingWebI work at a vendor so I am getting T4As with my "income" in Box 048. However, all the tax software I used (Ufie, Turbo, Simple) don't include those amounts on line 10100 or 10400. Only the amount on my T4 (I was an employee for a bit) shows. ... We hired a nanny last year so with every pay check I used the cra calculator to determine her ... fischer coifaWeb72 rows · Box 024 – Annuities Box 048 – Fees for services Box 061 – Payer's program … fischer coffre fort