CRA crackdown on gig workers goes viral this tax season. Here’s what you need to know: Dale Jackson
BNN Bloomberg
The current Canada Revenue Agency (CRA) crackdown on Canada’s growing army of gig workers has gone beyond Uber drivers, contractors, consultants, handy-people and freelancers.
Online platforms are now required to report income generated by users and even influencers must report digital/non-monetary gifts, including promotional products, as income.
A recent survey from H&R Block finds an estimated 7.4 million Canadian adults are part of the gig economy. It also reveals that over one-third of gig worker don’t even report their income.
Failing to claim all income is a criminal offence that could result in fines and ultimately jail time, but following the rules can lower the amount of income that is taxed. A qualified tax professional can help. Here’s how it works.
First, it’s important to understand that a side gig is considered a business entity for tax purposes and requires a separate filing in addition to your basic T1 personal return.
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.
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The current Canada Revenue Agency (CRA) crackdown on Canada’s growing army of gig workers has gone beyond Uber drivers, contractors, consultants, handy-people and freelancers.
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