Completing Form T2125
If you have both business and professional income, you have to complete a separate Form T2125 for each. You also have to complete a separate form for each business or professional activity you have, if you have two or more of either. For more information, see Interpretation Bulletin IT-206, Separate Businesses.
We suggest that you print a copy of the form, it will make it easier for you to follow the instructions on how to calculate your income and expenses.
Select from the following topics:
- Identification section;
- Income section;
- Expenses section;
- Net income (loss) section;
- Other amounts deductible from your share of net partnership income (loss);
- Calculating business-use-of-home expenses;
- Details of other partners;
- Details of equity;
- Calculation of capital cost allowance claim;
- Motor Vehicle Expenses.
Forms and publications
- Guide RC4015, Reconciliation of Business Income for Tax Purposes
- Guide T4002, Business and Professional Income
- Guide RC4070, Information for Small Canadian Businesses
- Form T2125, Statement of Business or Professional Activities
- Interpretation Bulletin IT-206, Separate Businesses
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