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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 · If you're self-employed, or freelance or have a home business you’ll need to choose an industry code for your personal tax return. Let TurboTax help!
NAICS 2022 Version 1.0 is the biggest revision to NAICS since 2002. The overarching theme to the updates is the digital economy. The guiding principle of these changes is to classify economic activities based on digital platforms, and those offered on other forms over the Internet, in the same groupings as their non-digital equivalents.
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”. Everything from retail shops to housecleaning to pet sitting has a code to match.
Feb 28, 2023 · In addition to declaring your income and completing the T2125 (which is used to report your business and professional income and expenses), you also need to provide the CRA with your industry code. Your industry code is a six-digit number that corresponds to your business or occupation.
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.
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).
