What is the implication of claiming unrestricted farm income? I do have other employment income, but farming is my main activity.

So, the guide tells me to claim a restricted farm loss if farming is not my main source of income.  I have a farm loss, and other self-employment income that shows a loss too.  The gross revenue from farming is much higher, and that's what I consider to be my main job, however obviously I'm building both of these businesses so I'm not making any income- my husband is the breadwinner while I do this and raise the kid.  I also claim rental income.  Am I wrong in considering this my main income if I am financially dependent on my husband?  Do I have to declare this as a restricted farm loss if I have the net income from rental income greater than my farming loss, even though my farming income before expenses is much higher?  


You would need to run this scenario by a CRA agent. 1-800-959-8281

Was this answer helpful? Yes No

No answers have been posted

More Actions

People come to TurboTax AnswerXchange for help and answers—we want to let them know that we're here to listen and share our knowledge. We do that with the style and format of our responses. Here are five guidelines:

  1. Keep it conversational. When answering questions, write like you speak. Imagine you're explaining something to a trusted friend, using simple, everyday language. Avoid jargon and technical terms when possible. When no other word will do, explain technical terms in plain English.
  2. Be clear and state the answer right up front. Ask yourself what specific information the person really needs and then provide it. Stick to the topic and avoid unnecessary details. Break information down into a numbered or bulleted list and highlight the most important details in bold.
  3. Be concise. Aim for no more than two short sentences in a paragraph, and try to keep paragraphs to two lines. A wall of text can look intimidating and many won't read it, so break it up. It's okay to link to other resources for more details, but avoid giving answers that contain little more than a link.
  4. Be a good listener. When people post very general questions, take a second to try to understand what they're really looking for. Then, provide a response that guides them to the best possible outcome.
  5. Be encouraging and positive. Look for ways to eliminate uncertainty by anticipating people's concerns. Make it apparent that we really like helping them achieve positive outcomes.

Select a file to attach:

Do you still have a question?

Ask your question to the community. Most questions get a response in about a day.

Post your question to the community