T4 slip - Box 78 - Fishers - Gross incomeFishermen are subject to different tax rules and are considered self-employed. However, they can request that the tax be withheld on the sale of their catch as they can contribute to Employment Insurance.
We suggest that you refer to the following links from the CRA's website:
You have received a T4 slip with an amount displayed in Box 78 for gross income earned as a fisherman.
To report this amount, you must follow these steps:
1. On the "Left-side menu under the Interview tab", click on "T4 and employment income".
2. On the right-hand side of the screen, select "T4 income (earned in any province except Quebec)", or "T4 and RL-1 (Relevé 1) income earned in Quebec" enter the information shown on your T4 in the appropriate boxes, namely boxes 18 and 24, as well as boxes 55 and 56 for Quebec residents.
3. Go to the bottom of the "T4 slip income" page, and in the last section titled "Other information (click on the triangle to see the list of choices)", choose "Memo Box 78 Fishers gross earnings" from the drop-down menu and enter the amount in the field.
Once you have followed the steps above, you must also enter the amount in box 78 of the T4 as business income. In order to do so, please follow these steps:
1. Return to the "Left-side menu under the Interview tab" and select "Interview setup". On the right-hand side of the screen, go to the "Self-employment" group, and check "Self-employed business income". Also, if you have paid installments, go to the "Tax paid by instalments" group, check "Tax paid by instalments, tax transfer for resident of Quebec" and click "Next" at the bottom of this page.
2. Return once again to the "Left-side menu under the Interview tab", select the line "Self-employment income" and on the right side of the screen chooses "T2125 - Business income".
3. On the "Fishing business identification" page, enter your full name on the line "Name of the fishing business" and enter the other mandatory information in the sections marked with a red asterisk.
4. For the line "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 help button (?) located on the right side of the box to access a list of the codes.
5. On the "Income, expenses" section, enter the amount in Box 78 on the line for "Fishers - Gross income (Income from T4 Box 78) (Enter the total if you have more than one amount)" located under the section "Shares men (boat and captain)". If you have any expenses related to this income, fill out the boxes according to each description.
The gross fishing income will be reported on line 14299 and net income on line 14300 of the federal return, as well as on line 164 of the Quebec return, as well as line 24 of Quebec Schedule L. The program will also generate federal form T2121 as well as T2121 (Q) for residents of Quebec.
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