A new survey from H&R Block Canada finds nearly three-quarters of Canadians with part-time gigs also have full-time jobs. Failing to claim all income is a criminal offence that could result in fines and ultimately jail time, but following the rules has…
Three years of COVID-19 lockdowns has spawned a boom in side hustles; and concern from tax professionals.
The survey also finds 44 per cent of those gig workers don’t plan to report that extra income to the Canada Revenue Agency . In most cases, the CRA requires a T2125 Statement of Business or Professional Activities, which includes a tally of total income generated from the business during the year and direct business expenses that qualify as deductions such as office expenses, tools and equipment, advertising, meals and travel. The mass migration to home offices during the pandemic prompted the CRA to introduce a simplified deduction of up to $400, which remains for the 2022 tax year.
The portion is based on the square footage of the home office in relation to the total square footage of the home. If, for example, the office space is one-fifth of the home, twenty per cent of eligible household expenses can be deducted from the business income.
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