What I am wondering is there is a section in the t2126 (statement of self employment) which asks for your income. The dilemma I had is this. For example. If I paid $10,000 to buy the tickets and sold them at $12,500 do I report my income as $12500 or just $2500. The reason for this question is there is a question which asks if you bought goods for resale and I don’t know if this qualifies. The fact is I paid $12500 out of my own money to make the extra $2500.00
What to do???
if you are doing this as a business your sales on t2124 would be 12500 and your cost of sales would be 10000 therefore your income would be 2500
February 17th, 2010 at 10:39 pm
if you are doing this as a business your sales on t2124 would be 12500 and your cost of sales would be 10000 therefore your income would be 2500
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