Self-Employed Income

[Pippi123]

Question - Do I use Line 150 from my Income Tax Return if I am self-employed.

[momforever1956]

Question - Do I use Line 150 from my Income Tax Return if I am self-employed.

Well it depends..... can you verify all your deductions (expenses) as business related?
Disclosure of expenses can cost you a lot of money if they are contested.

[Pippi123]

Yes. Just have car deductions

[billm]

Question - Do I use Line 150 from my Income Tax Return if I am self-employed.

Does it reflect your income? I don't use my 150, I use my company profit (adding my salary to it).

That way if I don't pay myself as much as I can etc, and retain money in my company for example, that does not effect CS, and I pay it based on what I made, not what I decided to pay myself.

So far I always have paid more CS than my line 150, but I find it to be fair (it was my idea to do it this way - ex does not seem to appreciate it).