When do you add your deposit as an income ??

[Suzie_Homemaker]

Don't hang on to the cheque. You cash the cheque. But the receipt for first year will just include the part that is first 2 weeks pay. If your deposit comes off last week of care, then that part of the cheque you declare as income in the final year.

You take the cash/cash the cheque but don't have to declare it until it's earned.

I will try and find the CRA self-employed rules. I will ask my book lady if I can;t find it

EDIT - I found it. T4002 Business and Professional Income 2014 http://www.cra-arc.gc.ca/E/pub/tg/t4...html#P132_4667

Accrual method

In most cases, self-employed individuals report their business income using the accrual method of accounting. With this method, you:

report your income in the fiscal period you earn it, regardless of when you receive the income; and
deduct expenses in the fiscal period you incur them, whether you paid them in that period or not. Incur usually means you either paid or will have to pay the expense.
Income from professional activities is business income. Therefore, you report it using the accrual method.