What Is Line 13500 on a Tax Return?

What line 13500 means

Line 13500 is business income on the personal return, the net amount after the expenses the Income Tax Act allows. Uber drivers, freelancers and sole proprietors usually land here, not on a T2, unless they incorporated.

Where to find line 13500

The line is on the T1 income section. The detail sits on the business statement behind it: gross income, then expenses, then the net figure that line 13500 picks up. A T2125-style statement is that detail. The slip from a platform is the starting paper, not the whole statement.

Why line 13500 matters

The net figure changes both the tax and whether HST registration needs a look. Keep bank statements and invoices. A vehicle used for the work needs its own papers. The self-employed service page is the place to book this work.

Checking line 13500 on your notice of assessment

When the notice of assessment arrives, compare this line with your copy of the return. A different figure means the CRA changed a slip or a deduction. Bring the notice and the slips to the Scarborough office. If that year was already filed, the fix is a T1 adjustment, not a second filing of the same year. Keep the notice with the file. Ask which year the notice belongs to before you pay a balance. The firm quotes a six-year retention period for tax records, counted from the end of the last tax year they relate to.

Work with the Scarborough office

Kennedy Tax & Accounting Inc. prepares the return from its only office in Scarborough, near Kennedy Station. You can visit or send the slips. English, Bengali and Tamil are spoken. A CPA has led the firm since 2010. A simple personal return starts at $49.99 + HST. Other work is quoted first.

The personal return is prepared on the personal income tax page. A corporation uses the T2 service. Books are on the bookkeeping page.