I have a T4 coded 17 and it should come up allowing me to transfer this to fishing business and it will not let me do that. Is there a problem with the system?
Should have boxes 78 and 79 completed instead of box 14.
I agree with Tim re: transfer of fishing income, but I still am curious what you mean by “coded 17”. Are you talking about “box 17” on the T4 slip, which specifies QPP contributions?
Yes Box 17 is correct. Sorry old way habits
Employment Code (Box 29) would be coded as 17 for a Fisher.
Oh! Yes. One of those boxes that I rarely look at. Non-financial info. Thanks, Tim.
I seem to remember there was someone here that was an expert on fishers. Question I have is what do I do with the difference between Box 78 and Box 79?
That is the difference. One should match insurable earnings. Those are crew shares given to employee! Should go to a T2125 for fishing and be able to write off some expenses if they have expenses
Yes I know the slip goes to the T2121 but Box 78 says “Gross Income” (~$18,000) and Box 79 says “net partnership amount” (~$13,000). TaxCycle plunks the $18,000 to line 8299 of the T2121. Is his taxable income from this $13K or $18K? If it is $13K do we record $5,000 of expense somewhere on the T2121?
Line 14300 is the amount you are taxable on. You can write off the 5000 and that will lessen the amount at 14300.