T5018 (Statement of Contract Payments) and T1204 (Government Service Contract Payments) slips show the income you received as a contractor. Here's how to report this income in Wealthsimple Tax:
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Add the appropriate section to your tax profile:
- For T5018: Add the Statement of Contract Payments section
- For T1204: Add the Government Service Contract Payments section
- Enter the information from your slip in the corresponding section
- When prompted, select an existing T2125 or add a new one to report your business income
- Complete the T2125 (Statement of Business or Professional Activities) to report your self-employment income
Important notes:
- T5018 and T1204 slips are for information purposes and sent to both you and the CRA
- This income is different from T4 employment income (where you're an employee)
- You must report this income as self-employment income on a T2125
Remember:
- Keep your T5018 or T1204 slip for your records
- Report all your business income and expenses on the T2125
If you have questions about reporting contractor income, consider consulting with a tax expert. If you need assistance entering this information in Wealthsimple Tax, please contact Wealthsimple support.
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