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Updated September 17, 2020 Form T2125 is a Canadian tax form that self-employed taxpayers must use to report their business and professional income. It should be filed with form T1 for your annual personal income tax return.Do sole proprietors file form t1 or t2125?
It should be filed with form T1 for your annual personal income tax return. Most sole proprietors, and even some partnerships, must report self-employment income to the Candian Revenue Association (CRA) on form T2125. Learn how to determine if you're responsible for filling out this form, along with how, where, and when to file.Do I need to fill out a separate t2125 for each activity?
Note that if you are engaged in several different business activities, have more than one business, or have both business and professional income, you will need to fill out a separate form T2125 for each. Throughout the form, if something doesn't apply to you, just leave it blank.What are some things that people often don't realize about t2125?
The other thing that people often don't realize about form T2125 is that it is used to report any and all business income. It is not unusual for people to have both employment and self-employment (business) income. You may have made money freelancing on the side, money from a hobby, or money from selling a few things online.