Form Preview Example

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

Protected B when completed

Other amounts deductible from your share of net partnership income (loss)

Claim expenses you incurred that were not included in the partnership statement of income and expenses, and for which the partnership did not reimburse you.

Total (enter this amount on line f on page 2)

Calculating business-use-of-home expenses

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Heat
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Electricity
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Insurance
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Maintenance
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Mortgage interest
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Property taxes
Other expenses (specify)
	Subtotal
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Minus: Personal-use part
	Subtotal
Plus:
Capital cost allowance (business part only)
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Amount carried forward from previous year		1
	Subtotal	1
. . . . . . . . . . .Minus: Net income (loss) after adjustments (from line g on page 2) (if negative, enter "0")		2
Business-use-of-home expenses available to carry forward
(line 1 minus line 2) (if negative, enter "0")

Allowable claim (the lesser of amount 1 and 2 above) (enter your share of this amount on line 9945 on page 2.)		. . . . . .	3

Details of other partners

Name of partner

City		Province or			Postal code						Share of net income or (loss)			Percentage of partnership
		territory									$			%
		territory


Name of partner

City		Province or			Postal code						Share of net income or (loss)			Percentage of partnership
		territory									$			%
		territory


Name of partner

City		Province or			Postal code						Share of net income or (loss)			Percentage of partnership
		territory									$			%
		territory


Name of partner

City		Province or			Postal code						Share of net income or (loss)			Percentage of partnership
		territory									$			%
		territory



	Details of equity
	Details of equity
Total business liabilities													9931
Total business liabilities		. . . . . . .	. . .	. . .	. . . .	. . .	. . .	. . .	. . .	. . . .	. . . . . . . . . . . . . . . .	. . . .
Drawings in 2012													9932
Drawings in 2012		. . . . . . .	. . .	. . .	. . . .	. . .	. . .	. . .	. . .	. . . .	. . . . . . . . . . . . . . . .	. . . .	9933
Capital contributions in 2012													9933
Capital contributions in 2012		. . . . . . .	. . .	. . .	. . . .	. . .	. . .	. . .	. . .	. . . .	. . . . . . . . . . . . . . . .	. . . .

Page 3 of 5

Area A – Calculating capital cost allowance (CCA)

Protected B when completed

1	2	3
Class	Undepreciated	Cost of additions
number	capital cost (UCC)	in the year
	at the start of the year	(see areas B and C
		below)

Proceeds of dispositions

in the year (see

areas D and E below)

UCC after additions

and dispositions (col. 2 plus col. 3 minus col. 4)

Adjustment for

current-year additions

1/2 x (col. 3 minus col. 4) If negative,

enter "0."

Base amount for CCA (col. 5 minus col. 6)

Rate

(%)

CCA for the year

(col. 7 x col. 8 or an

adjusted amount)

UCC at the end of the year

(col. 5 minus col. 9)

Total CCA on Part XI properties. Enter this amount, minus any CCA for
business-use-of-home expenses, on line 9936 on page 2 of this form.**

*If you have a negative amount in this column, add it to income as a recapture on line 9600 "Other income" on page 1. If there is no property left in the class and there is a positive amount in the column, deduct the amount from income as a terminal loss on line 9790, "Total other expenses," on page 2. Recapture and terminal loss do not apply to a Class 10.1 property. For more information, read Chapter 3 of Guide T4003.

** For information on CCA for business-use-of-home expenses, see "Special situations" in Chapter 3 of Guide T4003.

Part XVII properties (acquired before 1972)

1	2	3	4	5	6	7
Year acquired	Kind of property	Month of disposition	Cost	Rate (%)	CCA for this year	Total CCA for this
			(business part)			and previous years

Enter the total of lines i and ii on line 9936, on page 2.	Total CCA on Part XVII properties				ii

Area B – Details of equipment additions in the year

Class number

Property description

Total cost

Personal part (if applicable)

Business part

(column 3 minus column 4)

Total equipment additions in the year 9925

Area C – Details of building additions in the year

Class number

Property description

Total cost

Personal part (if applicable)

Business part

(column 3 minus column 4)

Total building additions in the year 9927

Area D – Details of equipment dispositions in the year

Class number

Property description

Proceeds of disposition

(should not be more than the capital cost)

Personal part (if applicable)

Business part

(column 3 minus column 4)

Note: If you disposed of property from your farming business in the year, see Chapter 3	Total equipment dispositions in the year	9926
of Guide T4003 for information about your proceeds of disposition.		9926

Area E – Details of building dispositions in the year

Class number

Property description

Proceeds of disposition

(should not be more than the capital cost)

Personal part (if applicable)

Business part

(column 3 minus column 4)

Note: If you disposed of property from your farming business in the year, see Chapter 3

9928

of Guide T4003 for information about your proceeds of disposition.	Total building dispositions in the year

Page 4 of 5

Area F – Details of land additions and dispositions in the year

Protected B when completed

	Total cost of all land additions in the year	9923

		9924
	Total proceeds from all land dispositions in the year	9924
	Total proceeds from all land dispositions in the year

	Note: You cannot claim capital cost allowance on land. For more information, see Chapter 3 of Guide T4003.

Area G – Details of quota additions and dispositions in the year

	Total cost of all quota additions in the year	9929

		9930
	Total proceeds from all quota dispositions in the year	9930
	Total proceeds from all quota dispositions in the year

	Note: All quotas are eligible capital property. For more information, see Chapter 4 of Guide T4003.

Chart A – Motor vehicle expenses

Enter the kilometres you drove in the tax year to earn farming income										1
Enter the total kilometres you drove in the tax year			. . . . . . . . . .		. . . . . . .	. . . . . . . . . . . . . . . . . . . . . . .				2
	Fuel and oil									3
	Fuel and oil		. . . . . . .	. . . . . . . . . . . . . . . . . . . . . . .						3
	. . . . . . . . . . . . . . .Interest (see Chart B below)		. . . . . . . . . . .		. . . . . . .	. . . . . . . . . . . . . . . . . . . . . . .				4
	. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Insurance				. . . . . . .	. . . . . . . . . . . . . . . . . . . . . . .				5
	. . . . . . . . . . . . . . . . . . . . . . . . . . . . .Licence and registration				. . . . . . .	. . . . . . . . . . . . . . . . . . . . . . .				6
	. . . . . . . . . . . . . . . . .Maintenance and repairs		. . . . . . . . . . .		. . . . . . .	. . . . . . . . . . . . . . . . . . . . . . .				7
	. . . . . . . . . . . . . .Leasing (see Chart C below)		. . . . . . . . . . .		. . . . . . .	. . . . . . . . . . . . . . . . . . . . . . .				8
	Other expenses (specify)									9
										10
			Total motor vehicle expenses (add lines 3 to 10)							11
	Business use part: (	line 1:		)	line 11:
		line 1:					. . . . . . .	. . . . . . . . . . . .	. . . . . . .
		line 2:					. . . . . . .

Business parking fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Supplementary business insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Allowable motor vehicle expenses: (add lines 12 to 14)

Enter this amount on line 9819 on page 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Note: You can claim CCA on motor vehicles in Area A on page 4.

Chart B – Available interest expense for passenger vehicles

Total interest payable (accrual method) or paid (cash method) in the fiscal period			. . . . . . . . . . . . . . . . . . . . . .
	$10*	the number of days in the fiscal period for which interest	. . . . . . . . . . . . . . . . .
		was payable (accrual method) or paid (cash method)

Available interest expense: (amount A or B, whichever is less) (enter this amount on line 4 of Chart A above) . . . . . . . . . . . . . . . .

*For passenger vehicles bought after 2000.

Chart C – Eligible leasing cost for passenger vehicles

Total lease charges incurred in your 2012 fiscal period for the vehicle					. . . . . . . . . . . . . . . .		. . . . . . . . . .	. . . . . .	. . . . . . . . . . .		1
Total lease payments deducted before your 2012 fiscal period for the vehicle					. . . . . . . . . . . . . . . .		. . . . . . . . . .	. . . . . .	. . . . . . . . . . .	2
. . . . . . . . . . . . . . .Total number of days the vehicle was leased in your 2012 fiscal period and previous fiscal periods									. . . . . . . . . . .		3
. . . . . . . . . . . . . . . . . . . . .Manufacturer's list price		. . . .	. . . . . . . . . . . . . . . . .		. . . . . . . . . . . . . . . .		. . . . . . . . . .	. . . . . .	. . . . . . . . . . .		4
The amount on line 4 or ($35,294 GST and PST, or $35,294 + HST), whichever is more									85%		5
[($800	GST and PST, or $800 + HST) line 3]				line 2:						6
					line 2:			. . . . . . . . . . . . .			6
	30
[($30,000	GST and PST, or $30,000 + HST) line 1]										7
				. . . . . . . . . . . . . . . . . . . . . . . . . .		. . . . . . . . . . . . . . . .		. . . . . . . . . . . . . . .			7
	line 5

Eligible leasing cost: (line 6 or 7, whichever is less) (enter this amount on line 8 of Chart A above) . . . . . . . . . . . . . . . . . . . . . . . . .

* Use a GST rate of 5% or HST rate applicable to your province.

Privacy Act, Personal Information Bank number CRA PPU 005

Page 5 of 5

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

Form T2042 E – Fill Out and Use This PDF

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