Completing Form T2125
You can use Form T2125, Statement of Business or Professional Activities, to report your business and professional income and expenses.
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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