Question

I need to file T1 form, but at the same time I need to file T2 form cause I have a corporation, so what should I put information in T1 form? Employed, not Employed,.....?

Forum|Forum|2 years ago
February 18, 2024
1 reply
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Should I report the income of the corporation, but I should do this in T2 form, I am confused about T1 form this yead due to corporation tax filing with T2

TurboTaxSusan

You would not put information about your corporation in your personal tax return. You only have to report the income that the corporation paid you.

O

omar-1902Author

Hi, Susan, thanks for your reply.

But the corporation is mine and it is 1 year old so and I don't have a salary to be paid from the corporation, whatever profits and expenses are going in my bank account and there are no partners with me

TurboTaxSusan

Ok, but the corporation still new and has only 1 invoice of $600, so practically still there is no income under the corporation name.

Another query, does Interact Etransfers under my name should be filed under corporation name or under my name as self employed person, similar thing to Taskrabbit, I received payments from task Taskrabbit so they should filed in self employed incmode or corporation, I am working with them under my name not the corporation name

If you are doing work under your own name and it's different to what your corporation is doing, then you can claim it on your T1 as self-employment.