This page provides easy access to tax information for self-employed fishers or members of a fishing partnership. Most of the rules and tax legislation that apply to self-employed businesses will also apply to an individual or partners running a fishing operation.
The CRA provides a checklist that communicates some of the key tax topics that should be taken into consideration by self-employed individuals and small business owners.
- What is fishing income?
Includes activities that generate fishing income
- Reporting methods
Description of the accrual and cash methods of accounting
- Paying your income tax by instalments
When, why and how you pay tax by instalments
- GST/HST information
Information for self-employed fishers and crew members who receive a share of the catch (sharespeople)
- Keeping records
Your obligations for keeping records of your business activities
- T4 slip, Statement of Remuneration Paid
Slip to use if you employ fishers
- Completing your statement of fishing activities
Calculating your fishing income and expenses
- Capital cost allowance (CCA)
What is CCA, depreciable property, classes of depreciable properties?
- Eligible capital expenditures
What is an eligible capital expenditure, an annual allowance, a cumulative eligible capital (CEC) account?
- Fishing losses
What is a fishing loss, what to do when you incur a fishing loss, and how it affects your other income?
- Capital gains
Capital gains and losses, qualified fishing property, and transfers of fishing property
Forms and Publications
- Guide T4004, Fishing Income
- Guide T4005, Fishers and Employment Insurance
- Guide T4002, Business and Professional Income
- RC4120, Employers' Guide - Filing the T4 Slip and Summary
- Form T2121, Statement of Fishing Activities
- Form TD3F, Fisher's Election for Tax Deductions at Source
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