Form T2042 E – Fill Out and Use This PDF

The T2042 E form, also known as the Statement of Farming Activities, serves as a crucial tool for farmers in Canada to report their farming income and expenses for tax purposes. Detailed guidelines for completing this form can be found in Guide T4003, Farming Income. It comprehensively covers various aspects of farming revenue and expenditures, from basic income and expenses to specific details like livestock sold, crop insurance, and capital cost allowance, ensuring farmers accurately report their financial activities to the Canada Revenue Agency (CRA). For those ready to tackle their agricultural financial reporting, an easy-to-navigate button below will guide you through the process of filling out the T2042 E form.

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Form T2042 E PDF Details

Among the myriad of tools available for managing farming finances, the T2042 E form stands out for its comprehensive approach to documenting farming activities. This essential document, designed with protection in mind, serves as a statement of farming activities, offering farmers a structured format to report their income and expenses meticulously. The form begins with sections for personal identification, including the farmer's name, social insurance number, and the farm's address, ensuring a clear association between the individual and their farming operations. Key components include the fiscal year reporting, main product or service identification, and an industry code that categorizes the farm's primary business focus. The choice between cash and accrual accounting methods allows farmers to adopt the approach that best fits their financial management style. Furthermore, income is detailed across various categories such as crops and livestock, while expenses are itemized to include everything from fertilizers and seeds to machinery expenses and repairs. Additionally, the form delves into capital cost allowance calculations, offering insights into the depreciation of assets over time. Details on other partners, equity, and calculations for business-use-of-home expenses also make this form a vital resource for farmers aiming for accuracy in their financial declarations. Overall, the T2042 E Form is indispensable for farmers looking to navigate the complexities of financial reporting, offering a clear path to document the intricacies of farming income and expenses.

Question	Answer
Form Name	Form T2042 E
Form Length	5 pages
Fillable?	No
Fillable fields	0
Avg. time to fill out	1 min 15 sec
Other names	GST, Vous, T4003, https form t2042

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Statement of Farming Activities

Protected B when completed

For more information on how to complete this form, see Guide T4003, Farming Income.

Identification

Your name

Farm name

Your social insurance number

–					–
–					–

Account number (15 characters)

Farm address

City

Province or territory

Postal code

Fiscal

Year

Month

Day

Year

Month

Day

Was 2012 your last year of farming?

Yes

period

From:

To:

Main product or service

Industry code

(see Chapter 2 of Guide T4003)

Accounting method

Tax shelter identification number

Partnership business number (9 digits)

Your percentage

Cash

Accrual

of the partnership

Name and address of person or firm preparing this form

Income

	Wheat			9371
	Wheat
	Oats			9372

				9373
	Barley			9373

				9374
	Mixed grains			9374
	Mixed grains
	Corn			9375

				9376
	Canola			9376

				9377
	Flaxseed			9377
	Flaxseed
	Soybeans			9378

				9370
	Other grains and oilseeds			9370

				9421
	Fruit			9421
	Fruit
	Potatoes			9422

				9423
	Vegetables (not including potatoes)			9423

				9424
	Tobacco			9424
	Tobacco
	Other crops			9420

				9425
	Greenhouse and nursery products			9425

				9426
	Forage crops or seeds			9426
	Forage crops or seeds
	Livestock sold
	Livestock sold			9471
	Cattle			9471

				9472
	Swine			9472
	Swine
	Poultry			9473

				9474
	Sheep and lambs			9474

				9470
	Other animal specialties			9470
	Other animal specialties
	Milk and cream (not including dairy subsidies)			9476

				9477
	Eggs			9477

				9520
	Other commodities			9520
	Other commodities
	Program payments
	Program payments			9541
	Dairy subsidies . .			9541

				9542
	Crop insurance . .			9542
	Crop insurance . .
	Other payments . .			9540

				9570
	Rebates			9570

				9601
	Custom or contract work, and machine rentals			9601
	Custom or contract work, and machine rentals
	Insurance proceeds . .			9604

				9605
	Patronage dividends			9605
	Patronage dividends
	Other income (specify)
				9600


	Gross income – Total of above lines (enter this amount on line 168 of your income tax and benefit return)			9659

T2042 E (12)

(Vous pouvez obtenir ce formulaire en français à www.arc.gc.ca ou au 1-800-959-3376.)

Page 1 of 5

Protected B when completed

Net income (loss) before adjustments

Gross income (from line 9659 on page 1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

	Expenses (enter business part only)
	Containers and twine								9661
	Containers and twine		. . . . . . . . . . . . . .			. . . .
	Fertilizers and lime								9662
	Fertilizers and lime		. . . . . . . . . . . . . .			. . . .		9663
	Pesticides (herbicides, insecticides, fungicides)							9663
	Pesticides (herbicides, insecticides, fungicides)		. . . . . . . . . . . . . .			. . . .
	Seeds and plants								9664
	Seeds and plants		. . . . . . . . . . . . . .			. . . .
	Feed, supplements, straw, and bedding								9711
	Feed, supplements, straw, and bedding		. . . . . . . . . . . . . .			. . . .		9712
	Livestock bought							9712
	Livestock bought		. . . . . . . . . . . . . .			. . . .
	Veterinary fees, medicine, and breeding fees								9713
	Veterinary fees, medicine, and breeding fees		. . . . . . . . . . . . . .			. . . .
	Machinery expenses
	Machinery expenses								9760
	Repairs, licences, and insurance								9760
	Repairs, licences, and insurance		. . . . . . . . . . . . . .			. . . .
	Gasoline, diesel fuel, and oil								9764
	Gasoline, diesel fuel, and oil		. . . . . . . . . . . . . .			. . . .
	Building and fence repairs								9795
	Building and fence repairs		. . . . . . . . . . . . . .			. . . .		9796
	Clearing, levelling, and draining land							9796
	Clearing, levelling, and draining land		. . . . . . . . . . . . . .			. . . .
	Crop insurance								9797
	Crop insurance		. . . . . . . . . . . . . .			. . . .
	Custom or contract work, and machinery rental								9798
	Custom or contract work, and machinery rental		. . . . . . . . . . . . . .			. . . .		9799
	Electricity							9799
	Electricity			. . . . . . . . . . . . . .			. . . .
	Heating fuel . .								9802
	Heating fuel . .			. . . . . . . . . . . . . .			. . . .
	Insurance program overpayment recapture								9803
	Insurance program overpayment recapture		. . . . . . . . . . . . . .			. . . .		9804
	Insurance							9804
	Insurance			. . . . . . . . . . . . . .			. . . .
	Interest								9805
	Interest			. . . . . . . . . . . . . .			. . . .
	Office expenses								9808
	Office expenses		. . . . . . . . . . . . . .			. . . .		9809
	Legal and accounting fees							9809
	Legal and accounting fees		. . . .	. . . . . . . . . . . . . .			. . . .
	Property taxes .								9810
	Property taxes .			. . . . . . . . . . . . . .			. . . .
	Rent (land, buildings, and pasture)								9811
	Rent (land, buildings, and pasture)		. . . . . . . . . . . . . .			. . . .		9814
	Salaries, wages, and benefits (including employer's contributions)							9814
			. . . .	. . . . . . . . . . . . . .			. . . .
	Motor vehicle expenses (not including CCA)								9819
	Motor vehicle expenses (not including CCA)		. . . . . . . . . . . . . .			. . . .
	Small tools . . . .								9820
	Small tools . . . .			. . . . . . . . . . . . . .			. . . .		9937
	Mandatory inventory adjustment included in 2011								9937
	Mandatory inventory adjustment included in 2011		. . . . . . . . . . . . . .			. . . .
	Optional inventory adjustment included in 2011								9938
	Optional inventory adjustment included in 2011		. . . . . . . . . . . . . .			. . . .
	Other expenses
	Other expenses

	Total other expenses		9790
	Total other expenses

					Subtotal
	Allowance on eligible capital property								9935
	Allowance on eligible capital property		. . . . . . . . . . . . . .			. . . .		9936
	Capital cost allowance (from Area A on page 4)							9936
	Capital cost allowance (from Area A on page 4)		. . . . . . . . . . . . . .			. . . .
		Total farm expenses (total of the above three lines)							9898
		Total farm expenses (total of the above three lines)
Net income (loss) before adjustments (line a minus line b)											9899
											9899
			. . . . . . . . . . . .	. . . . . .			. . . .	. . . . . . . . . . . . . .		. . . .
Optional inventory adjustment included in 2012											9941
			. . . . . . . . . . . .	. . . . . .			. . . .	. . . . . . . . . . . . . .		. . . .
											9942
Mandatory inventory adjustment included in 2012											9942
			. . . . . . . . . . . .	.	. .Total. . of the above three lines

Your net income (loss)

Your share of the amount on line c
	9974
Plus: GST/HST rebate for partners received in the year
Total (line d plus line 9974)
Minus: Other amounts deductible from your share of net partnership income (loss) (from the chart on page 3)
Net income (loss) after adjustments (line e minus line f)	. . . . . . . . . . . . . . . . . . . . . .
Minus: Business-use-of-home expenses (your share of line 3 from the chart on page 3)	. . . . . . . . . . . . . . . . . . . . . .
Your net income (loss) (line g minus line 9945) (enter this amount on line 141 of your income tax and benefit return)

9943

9945

9946

e f g

Page 2 of 5

Form T2042 E – Fill Out and Use This PDF

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