You must report self-employment income (including contractor income) on a T2125 form, even if you don't consider yourself a business owner. You don't need a business number or CRA registration to complete file a T2125.

Complete form T2125

1. Add the Business, Professional, and Commission Income section to your profile
2. Fill out the Identification subsection:
   
   • Select your income type: commission, business, or professional income
   • If you work from home or at client sites, select "No" for "Does this business have its own address?"
   • Choose an Industry code by searching for terms related to your work
3. On the Income & Expenses tab:
   
   • When you add a T4, T4A, or T1204 slip with business/commission income:
     
     • Wealthsimple Tax will ask, "On which T2125 would you like to include this income?"
     • Select the appropriate T2125
   • The selected income will automatically appear in the Income & Expenses subsection of the Business, Professional, and Commission Income section
   • If you have additional income not reported on slips, enter it in the Other gross sales, commissions or fees field (or the Other gross professional fees including work-in-progress field, if you're a professional)

If you're new to reporting business income, you may not need to fill out additional T2125 fields beyond the income section.

If you'll continue as a contractor, review the CRA's guide to completing the T2125. Check the list of allowable expenses to write off certain items against business income. This could help with future tax returns.

Learn how to enter business information in Wealthsimple Tax

For help with entering business, professional, and commission Income in Wealthsimple Tax, contact our support team. For advice on what business expenses you can claim or how to report specific types of income, please consult a tax expert.