Calculating your Farming Income or Loss

As a self-employed farmer, 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.

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

However, if you are participating in the AgriStability and AgriInvest programs, do not use Form T2042, Statement of Farming Activities. Instead, use Form T1163, and refer to the AgriStability and AgriInvest programs for details.

Forms and publications

• Guide (T4003), Farming Income
• Form T2042, Statement of Farming Activities

Related topics

• AgriStability and AgriInvest Programs