T4 slip - Box 78 - Fishers - Gross income
Fishermen 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:
https://www.canada.ca/en/revenue-agency/services/forms-publications/publications/t4005-fishers-employment-insurance.html
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.
ID: 20191016075314DEX.xml
Webpage: KPA390-20191016075314DE.htm
