T5018 slip - Statement of Contract PaymentsAs a subcontractor, you received a "T5018 slip - Statement of Contract Payments". You should enter the information in the section "Self-employment income".
To do so, please follow the steps below:
1- On the "Left side menu on the Interview tab", select "Interview setup" and on the screen that appears on the right in the "Self-employment" group, check the box "Self-employed business income", then click "Next" at the bottom of the page.
2- Return to the "Left side menu on the Interview tab", click on "Self-employment income" and select the option "T2125 - Business income" on the right-hand side page.
3- On the "Business identification" page, enter the name of your business, as well as all other information in the mandatory fields marked with a red asterisk.
4- On the field for "6-digit code from the North American Industry Classification System", enter the code that best describes your industry. If you do not know the code, click on the tool tip (the question mark) (?) on the right-hand side of the box to get it.
5- Subsequently, after identifying your company, click on "Next" at the bottom of the page, and a new page will open to allow you to enter "Income, expenses".
Enter the amount from box 22 of your T5018 slip on the line "Gross sales, commissions or fees".If you received more T5018 slips or if you received fees for other contracts, enter the total amount in the same line.
6- If applicable, enter the information in the subsections "Motor vehicle expenses", "Home office expenses", etc. that are found in the "Left side menu on the Interview tab".
The program will generate federal form T2125, as well as Quebec form TP-80 for Quebec residents.
For more information, please visit the following link:
https://www.canada.ca/en/revenue-agency/services/tax/businesses/contract-payment-reporting-system-cprs.html
ID: 20191004160634NIXX.xml
Webpage: KPA320-20191004160634NI.htm