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February 21, 2024
Question

If my self employed income is less than $8000 , should I file it as income or nil? same with under an employer if the salary is below $8000 should i file NIL

  • February 21, 2024
  • 1 reply
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It is for two different people. One is self employed and other had an employer

    1 reply

    February 21, 2024

    If you have an employer, they are to give you a T4 information slip and you are to claim all information on it no matter the amount of income.

     

    As per the Canada Revenue Agency (CRA) "You must include all your income when you calculate it for tax purposes. If you fail to report all your income, you may have to pay a penalty of 10% of the amount you failed to report after your first omission. For more information, go to Business income tax reporting."

     

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