Hi, thank you for your reply!
I have a follow up question..
How do I pay taxes on the income I made from my art?
I've been selling at farmets markets etc and did fairly well.
I don't have my own business or anything like that.. If anyone know where I can find more information I'd be very grateful. I can't seem to find anything.
Thank you.
Self employed income when you file your tax return . In conjunction with your T1 you file a T2125, Business/Professional Income
You’d be in the Business category , Professional Is for those typically with designations,Drs, Lawyers etc
Here you’d declare your Gross profit , minus expenses , what you netted . Transfer amount to T1, that’s what you’d pay tax on. Income not supported by T slip
If your income is over $30k in four rolling calendar quarters you’d have to mandatorily register for a GST #, if under, you could register as voluntarily . Note, since your SIN would start with a 9, you’d have to register as a non resident registrant, if you elect to register
Here’s a tax guide to assist you
Adding if you are conducting business in a province, you have to get a business license . In Ontario that would be a Masters Business Licence, obtained thru Service Ontario .
https://www.canada.ca/en/revenue-agency/services/forms-publications/publications/t4002.html
