This page provides easy access to tax information for people earning income as self-employed fishers or as 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
Description of the accrual and cash methods of accounting
Paying your income tax by instalments
When, why and how you pay tax by instalments
Information for self-employed fishers and crew members who receive a share of the catch (sharespeople)
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?
What is a fishing loss, what to do when you incur a fishing loss, and how it affects your other income?
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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