What form do i use to report business expenses on professional income?

[ayseleren18]

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As per CRA, you can use Form T2125, Statement of Business or Professional Activities, to report your business and professional income and expenses.

This form can help you calculate your gross income and your net income (loss), which are required when you complete your Federal Income Tax and Benefit Return.

For more information on how to fill out Form T2125, go to Guide T4002, Self-employed Business, Professional, Commission, Farming, and Fishing Income.

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, go to Interpretation Bulletin IT-206, Separate Businesses.

Please visit the website of T2125 Tax Form: Declare income and expenses from a business or profession to learn more about T2125 Tax form.