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When completing Form T2125, Statement of Business or Professional Activities, form T2121, Statement of Fishing Activities, or Form T2042, Statement of Farming Activities, you have to enter an industry code that corresponds to your main business activity.
So your industry code would be 541515. 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) .
Date modified: 2023-06-27. 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.
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.
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.
Oct 7, 2020 · If this is your first time filing a Canadian personal income tax return (T1) and declaring self-employed income, in addition to completing the T2125, you will need to provide the CRA with your Industry Code – also referred to as a Standardized Industry Code (SIC).
Jun 26, 2024 · Industry codes are used by Canada Revenue Agency (CRA) to classified the business nature of taxpayers for various purposes, including tax audit selection. Taxpayers are required to enter an industry code that best describes their business.
Mar 31, 2023 · Choose the code that most closely represents your work, and use that as your industry code; Note: If you have income from self-employment or if you own a small business, you'll also need to enter a six-digit industry code into your tax return (the CRA’s NETFILE service will reject your tax return if you use an incorrect or outdated code ...
I have checked with CRA is the code is correct. What would it be for PrePaid Legal Services/Legal Shield in Canada? I still receive a small residual income from my late husband's business.
