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Question: Can I claim my babysitting income for the WITB?

I earned $9,700 babysitting money for 2009. This is just a way that I make money at home and do not have an actual business or business name. Should I still declare this on my income tax return to get money back for the Working Income Tax Benefit Credit for BC? What are pros/cons?

Answer: It is income. It is taxable.

You are considered self-employed and need to declare this on line 135 of your tax return.

http://www.cra-arc.gc.ca/E/pub/tg/5000-g/5000-g-02-09e.html#P757_89923

Also you must pay CPP premiums on Schedule 8 if you are 18 or older.

http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/ncm-tx/rtrn/cmpltng/ddctns/lns409-485/421-eng.html

You are eligible for the WITB in 2009 if:
* You are 19 years of age or older on December 31, 2009; and
* You are a resident of Canada for income tax purposes throughout 2009.
Exception
If you are under 19 years of age, you may still be eligible for the WITB, if you have a spouse or common-law partner or an eligible dependant on December 31, 2009.

http://www.cra-arc.gc.ca/bnfts/wtb/fq_qlfyng-eng.html

Mass. tax credits used to cover movie stars’ wages

A quarter of the tax breaks given to movie companies under Massachusetts’ film tax credit program have gone to help filmmakers cover the paychecks of millionaire Hollywood stars.

Federal Housing Tax Credit explained

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