Report business or professional income and expenses
To report either of these kinds of income and associated expenses, we encourage you to use Form T2125, Statement of Business or Professional Activities, even if we accept this information on other types of financial statements.
Form T2125 can also be used to report business income and expenses from self-employed commission sales.
You have to fill out a separate form or financial statement for each of your business or professional activities. For more information, see Interpretation Bulletin IT-206, Separate Businesses.
- Getting Form T2125
- Completing Form T2125
- Industry codes
Identify the industry code you should use on Form T2125
- Claiming capital cost allowance (CCA)
How to deduct the cost of capital property
- Eligible capital expenditures
Definitions, calculations, election and replacement property
- Interest and penalties
Get information on when the CRA charges interest, the repeated failure to report income penalty and the false statements or omissions penalty
Forms and publications
- Guide T4002, Business and Professional Income
- Guide 4015, Reconciliation of Business Income for Tax Purposes
- Guide RC4070, Information for Small Canadian Businesses
- Form T2125, Statement of Business or Professional Activities
- Interpretation Bulletin IT-206, Separate Businesses
- Video series: Reporting Business Income and Expenses
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