Posted on: 29-01-09 14:09:18
My friend paid me $420 for some help he needed on a service project. Now he is asking me to issue him an invoice for services rendered for tax purposes. Do I need to form a corporation for that? Can I put my name on the invoice and submit it? Are there any legal issues to doing that? Any input will be appreciated.
TIA
You can invoice under your name...no need to incorporate....do not charge GST.......
Quote:
Originally posted by Aashu
You can invoice under your name...no need to incorporate....do not charge GST.......
Aashu,
In that case, how I file tax return and expenses?
-Taker
Quote:
Originally posted by taker
Quote:
Originally posted by Aashu
You can invoice under your name...no need to incorporate....do not charge GST.......
Aashu,
In that case, how I file tax return and expenses?
-Taker
If its a regular type of business you would be doing, then you have to fill out Statement of Business Activities T 2124 and show this income and claim expenses.
If its a one time income you can report it on either line 104 or Line 130 by deducting your expenses, if any, from the income.
In any case you have to report the income and have records of your expenses, if any.
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Pramod Chopra
Senior Mortgage Consultant
Mortgage Alliance Company of Canada
