Completing Form T2125

To report your business and professional income and expenses, you have to complete Form T2125, Statement of Business or Professional Activities.

It allows you to calculate your gross income and your net income (loss), which are required to obtain your taxable income when you complete your General income and benefit return.

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
• RC4070, Guide for Canadian Small Businesses
• Form T2125, Statement of Business or Professional Activities