Do I need to do T2125?

[NazMusthafa]

Thank you for choosing TurboTax.

Who is the T2125 tax form designed for?

The Statement of Business Activities is used to calculate your business or professional income as a self-employed person. Use it if you are the only person in the business (sole proprietorship) or if you are in business with one to five other people (partnership)

What do I input on the T2125 form?

You calculate your gross income and your net income after deducting all your business expenses such as:

• advertising
• rent
• home office expenses
• motor vehicle expenses
• legal fees, interest, and bank charges
• repairs and maintenance
• travel expenses
• motor vehicle expenses
• salaries paid to employees
• capital cost allowance CCA
• meals and entertainment

For more information please check: T2125 Tax Form

June 15 is the tax filing deadline for self-employed individuals and small business owners. If it’s your first year filing taxes as self-employed, filling out your T2125 (Statement of Business or Professional Activities) may seem like a daunting task. In reality, completing a T2125 is simpler than you may think with these three simple steps. Please follow the steps:

Step 1 – Identification

Step 2 – Income Section

Step 3 – Expenses

For more information please check: Filing a T2125

If you need any further clarifications, we would be glad to assist you by having you contact us by phone or via Facebook or  Twitter.

[arsharora]

Thank you for giving us the opportunity to provide you servicing. The Statement of Business Activities are used to calculate your business or professional income as a self-employed income. Ise it if you are the only person in the business (sole proprietorship) or if you are in business with one to five other people (partnership). 

T2125 will assist you in calculating the gross income and your net income after deduction of your expenses like advertising, rent, supplies and many more. 

For further clarification please refer to our blog. 

If you don't consider yourself a self-employed and receive a T4 from your employer then you don't have to fill T2125. 

Furthermore, for addition clarity you can also contact us or if you prefer you can reach us on social media through Facebook or Twitter.