I have a full time job -but i teach Zumba Kids as a side venture- what forms do i need to complete to claim my expenses and report the extra income..thx

[evanavuj]

I have a full time job -but i teach Zumba Kids as a side venture- what forms do i need to complete to claim my expenses and report the extra income.

I have received my T4 for my full time rob and my Zumba kids classes started in Jan 2016. The income was very minimal but my expenses quite were quite alot

[evanavuj]

do I need register my business as I will not be making $30,000? or get a business licence- when filing my taxes? do I just need to complete the t2125 form? my income for the classes is very low

[TurboTaxAllen · Accepted solution]

Your teaching of Zumba to children is considered a business to which you are self-employed.  The CRA publishes a guide T4002 Business and Professional Income: http://www.cra-arc.gc.ca/E/pub/tg/t4002/t4002-e.html

For turbo tax you would be selecting to report your business income and expenses under "Income > Self-Employment".  When in the interview process you will reporting yourself as an Other Business. You can state any name for your business, such as "Jill's Zumba for Kids", there is no trademark requirements and you can use a business name that incorporates your name.  Your Industry code should be 812990 "personal physical fitness trainer".

Thy also have a video series: http://www.cra-arc.gc.ca/vdgllry/bsnss/srs-strtngbsnss-eng.html
Additional Information: http://www.cra-arc.gc.ca/tx/bsnss/sm/chcklst-eng.html

Please note, self-employed individuals have a balance due date of April 30th, meaning whatever taxes are owed must be paid by April 30th, however your return is only due to be filed by June 15th of the year.

[evanavuj]

do I need register my business as I will not be making $30,000? or get a business licence- when filing my taxes? do I just need to complete the t2125 form? my income for the classes is very low

[TurboTaxAllen]

No need to register your business for GST. Business licences are regulated by provinces, I don't believe that Zumba trainers are regulated by the province and require a licence but you should confirm with your provincial Gvt.  Yes you would complete the T2125 form.  Even if your income is very low you can claim the expenses related to the enterprise to reduce your income, including your T4 income.