Tax advice

[yessir235]

Hi All,

Still quite a newbie to taxes as my dad has usually done then for me but this year I am doing on my own.

Basically I had 3 streams of income for 2024- A workstudy program at my univeristy were I made around 22k from Jan-may of last year, a contractor job which I got right after I graduated from my master degree in june, in which I worked from july- dec and made about 8k, and an independant teaching job where I work with some of of my colleagues, where i get payed in E transfer or cash sometimes. The last teaching gig netted me about 14k last year.

The only thing this year that is on paper as income is the contractor work on my T4A, the amount of 7k which I'm pretty sure is tax exempt because it does not meet the minimum threshold for both ontario or federal. The university did not give me a T4 for the workstudy from last year- I wonder why? In the past they always issued me a T4 when I was working there, but since I graduated maybe they are not responsible for it anymore? Would I have to report that 22k or look into it if there is no T4?

Also of note that the contracter gig and the workstudy are both the same employer, just working for different branches of the same company

 

[Shaquille Oatmeal]

You have to ask your University to give you the T4.
If they dont for whatever reason you can ask your accountant to do one for you. Just have your paystubs ready.
For the contractor gig were you sole proprietor or incorporated?
If so that would be business taxes and you'd have to remit HST that you charged etc.,
The cash income needs to be reported, per law, but I leave that up to you especially if you received it in cash.

 

[JohnHenry]

You could also log into your cra account and see if the t4 from the university is there
Download "studio tax" . It will walk you through filing

 

[JohnHenry]

You can ask me any questions through DM.

 

[K Douglas]

Exactly as John Henry said login to your CRA My Account to check the T4's that have been registered under your SIN# for 2024. If it isn't there then you should include as 'other employment income' on your T1 return.
You should be able to claim expenses against your various sources of income from teaching and contracting. That should be reported on a T2125 statement of business income.

 

[Indiana]

Report it the same way all the dancers and SPs do