Do Canadian Consultants Need to Report Pampered Chef Dollars as Income?

[SandiLeigh]

Good Morning,

I have a question about my taxes. Last year I only made probably around $300 including Pampered Chef Dollars.

Do I have to claim this on my income tax, and if so do I just use my commision statements? How do I claim the Pampered Chef Dollars.

Any help would be appreciated.

Thanks

 

[rennea]

Well you are supposed to claim it as income. Just fill it in as income received, and then you’ll have to pay tax on it. Also if you claim it as income then you can claim expenses for it like an office expense. If you claim an office then you can claim part of your utilities etc. Do you use quick tax?? It makes it so easy. It will calculate everything for you.

 

[Admin Greg]

Hello,Yes, you do need to claim any income, including Pampered Chef Dollars, on your income tax. This includes any form of compensation, such as commissions or bonuses. You can use your commission statements as proof of income for tax purposes. As for the Pampered Chef Dollars, you will need to report their cash value as income on your tax return. You can find more information about reporting income from bartering or trade exchanges on the IRS website.I hope this helps. It's always best to consult a tax professional for specific questions about your individual tax situation. Good luck!