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Why does the CRA use industry codes?
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If you are filing your return electronically, you have to use the industry codes from your tax preparation software. Only use the industry codes listed below if you are filing your Income Tax and Benefit Return on paper.
Nov 27, 2020 · The Canada Revenue Agency (CRA) asks that you choose a code from the generalized list of codes and to choose your code, establish what the main activity of your business is, and find the code that comes closest to it. The NAICS system is structure under classes of industry.
Oct 7, 2020 · An industry code is a 6-digit number used to identify the type of business you are operating. For tax purposes, all self-employment activities, even freelance and “gig” work, are considered to be “business activities”.
North American Industry Classification System (NAICS) Canada 2022 Version 1.0 Introduction Hierarchical structure Definition of superscripts. Status: This standard was approved as a departmental standard on July 30, 2021. NAICS 2022 Version 1.0 is the biggest revision to NAICS since 2002.
Feb 28, 2023 · Your industry code is a six-digit number that corresponds to your business or occupation. Statistics Canada uses the information gleaned from industry codes to track business trends, and the CRA uses industry codes to compare similar businesses in the same industry.
If you are filing your income tax return on paper, enter the six-digit industry code that corresponds to your business listed in the latest version of the North American Industry Classification System (NAICS).
Calculate business or professional income, get industry codes, and report various income types. Business or professional income overview, Business or professional income types, Capital cost allowance, Business expenses, Business tax credits, Record keeping.
