Investment income and self-employed individuals
Interview setup
Text version for the above image
UFile screen
Under Interview tab
Family Head sub-tab
Interview setup topic is highlighted
Interview setup page
Investment income and expenses section is highlighted
Interest, investment income and carrying charges/interest expenses/CNIL (T3, T5, T4PS, T5008, RC359) is ticked
Self-employment section is highlighted
Self-employed business income is ticked
- Click Interview setup in the left-side menu.
- In the Self-employment section, tick the box next to Self-employed business income, and click Next.
Self-employment income
Text version for the above image
UFile screen
Under Interview tab
Family Head sub-tab
Self-employment income topic is highlighted
Self-employment income page
T2125 – Business income is highlighted
- Click Self-employment income in the left-side menu.
- Click the + sign next to T2125 – Business income.
Self-employment income – Business identification
Text version for the above image
UFile screen
Under Interview tab
Family Head sub-tab
Identification topic under Business is highlighted
T2125 – Business identification page
Business identification section is highlighted
Next button is highlighted
Enter the information about the business by following the instructions below:
- Enter the individual's name into the Business name field.
- Enter a date into the Beginning of fiscal period of business field, this date is generally January 1.
- Enter a date into the Fiscal year-end of your business field, this date is generally December 31.
- For the Enter the North American Industrial Classification System code (NAICS) that best describes the business’s main revenue-generating business activity. field, select the most appropriate code from the drop-down menu.
- Enter the type of product or service and enter 100% for the respective percentages into the Products or services and their respective percentages (%) in the total income fields.
UFile tip
The NAICS code is mandatory. However, even if an incorrect code is selected, the tax returns will still be accepted, and the notices of assessment will be issued.
- Click Next.
Self-employment income – Income, expenses
Text version for the above image
UFile screen
Under Interview tab
Family Head sub-tab
Income, expenses topic
T2125 – Business page
Amount of net business income (loss) exempt from tax under section 87 of the Indian Act. is highlighted
Fees for services (T4A box 048) is highlighted
- If applicable, enter the total tax-exempt amount from box 048 for all T4A slips into the Amount of net business income (loss) exempt from tax under section 87 of the Indian Act. field.
- Enter the total amount from box 048 for all T4A slips into the Fees for services (T4A Box 048) field. If the amount in box 048 differs from the RL-1 slip box O (RD), click the maple leaf icon to enter the provincial amount.
- Click Next.
- Continue on to the next section to enter the amounts from the T4A and RL-1 slips.
- In the Investment income and expenses section, tick the box next to Interest, investment income and carrying charges/interest expenses/CNIL (T3, T5, T4PS, T5008, RC359), and click Next.
Investment income
Text version for the above image
UFile screen
Under Interview tab
Family Head sub-tab
Interest, investment income and carrying charges topic is highlighted
Investment and interest income and expenses page
T5 – Investment income (RL-3) is highlighted
Interest income not on information slips is highlighted
- Click Interest, investment income and carrying charges in the left-side menu.
- In the Income from a T-Slip section, click the + sign next to T5 – Investment income (RL-3).
T5 – Investment income (RL-3)
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UFile screen
Under Interview tab
Family Head sub-tab
T5 investment income topic is highlighted
T5 – Statement of Investment income (RL-3) page
Next button is highlighted
- Enter the name of the issuer of the T5 and RL-3 slips into the This T5 slip was issued by field.
- Enter the amounts from the individual’s T5 and RL-3 slips into the corresponding fields.
- Click Next.
- In the Income not from a T-Slip section, click the + sign next to Interest income not on information slips.
Interest not recorded on information slips
Text version for the above image
UFile screen
Under Interview tab
Family Head sub-tab
Interest topic is highlighted
Interest not recorded on information slips page
Interest income from a banking institution or other Canadian source: is highlighted
Next button is highlighted
Interests from a financial institution that did not issue a slip:
- Enter a description (for example, Bank account) into the field Interest income from a banking institution or other Canadian source: and the total amount received in the year into the field next to it.
- Click Next.
Interests found on a notice of assessment or reassessment:
- Scroll down to the Interest on any tax refund received in the year as show on your notice of assessment or reassessment section.
- Enter a description (for example, tax refund interest) into the Description and amount of interest on any tax refund: field and the total amount received in the year into the field next to it.
- Click Next.