View Full Version : Sub-Contracted for summer, now what?
mescalito
Feb 23rd, 2008, 11:30 PM
sfrag;s;g
dutchca
Feb 24th, 2008, 12:29 PM
Fill in a T2124 and carry-forward the net amount to L135 of your T1.
You may be surprised that you will probably owe money - not for tax (below $9600, as you say), but for both portions of CPP. If you made over $3500 net you have to pay 9.6% of every dollar over $3500 AFAIK - tax credits do not offset the amount owed for CPP, just tax.
If your employer is on the ball, which most aren't, he would have filed a T5018 (I think) which is a sub-contract form that is either attached to your SIN, Business Number (if you have one - probably not), or just your name. CRA may already have the amount of what you were paid through this filing.
Good luck.
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