Hey everyone! First time poster here! I'll try and keep my question brief.
So in January 2016 I began an 8-month Co-Op work placement through my university at a testing company. They employed me as an Independent Contractor so they did not deduct any taxes. All together, I made $17,436. I know that I will have to pay the taxes for that amount, but I have no idea how to go about it since:
- I was technically still a full-time student, paying tuition fees for the Co-Op placement.
- My employment situation does not really follow the CRA guidelines for an Independent Contractor (my employer provided all my tools as I worked in a typical 9-5 office, employer directed/supervised the training/work that I did, I had no control over my hours or pay, I was an integrated part of the company).
- I have no expenses, no business name, no GST number, investors, etc. I read many "Employee or Independent Contractor?" articles and I have zero qualities that would make me an independent contractor, let alone self-employed. Minus the CPP/EI/Income tax situation, I fall into the "employee" category.
I usually just file my taxes through Turbo Tax, but this entire situation is giving me a headache. While I understand that I'll have to pay some taxes, I really don't think my situation calls for paying thousands of dollars in taxes since I was a student the entire time (TurboTax was giving me a ~$4000+ owed figure.......). I'm assuming I'll probably have to pay an accountant this year? What should I expect to pay in taxes?
One more confusing tidbit: I also have leftover carry-forward amounts from previous years of tuition (~$25,000 worth). Shouldn't this lower my taxes owed amount, too?
Any help you can give me would be greatly appreciated! Thanks everyone