Calculating your Farming Income or Loss

As a self-employed farmer or as a partner in a partnership, you have to give us a statement that accurately shows your farming activities for the year.

We publish Form T2042, Statement of Farming Activities, to help you calculate your farming income and expenses for income tax purposes. Although we accept other types of financial statements, we encourage you to use Form T2042.

You have to complete a separate form for each business you operate.

For detailed instructions on completing Form T2042, see Chapter 2 of Guide T4003, Farming Income.

However, if you are participating in the AgriStability and AgriInvest programs, do not use Form T2042. Instead, use Form T1163, Statement A - AgriStability and AgriInvest Programs Information and Statement of Farming Activities for Individuals, and refer to the AgriStability and AgriInvest programs for more information.

Forms and publications

• Guide T4003, Farming Income
• Form T2042, Statement of Farming Activities
• Form T1163, Statement A - AgriStability and AgriInvest Programs Information and Statement of Farming Activities for Individuals

Related topics

• AgriStability and AgriInvest Programs