The Self Employment Profit and Loss Form is a fundamental document required for all self-employed individuals operating businesses in Canada. This form is essential for annual tax reporting and must be completed in accordance with Canada Revenue Agency (CRA) guidelines. It captures all aspects of business financial activity, including revenue streams, operating expenses, capital costs, and various deductions available under Canadian tax law. The document serves multiple purposes: it helps calculate net business income for tax purposes, provides a clear financial picture of business operations, and supports claims for business-related deductions. Self-employed individuals must maintain this form as part of their business records and use it to complete their T1 income tax return, specifically the T2125 Statement of Business or Professional Activities. The form is applicable across all Canadian jurisdictions and must reflect provincial tax considerations where relevant.
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1. Business Identification: Basic information including business name, owner's name, tax ID/Business Number, and reporting period
2. Income Summary: Total gross business income from all sources including sales, services, and other income
3. Cost of Goods Sold: Calculation of COGS including opening inventory, purchases, and closing inventory (if applicable)
4. Business Expenses: List of all standard business expenses categorized according to CRA guidelines
5. Vehicle Expenses: Details of vehicle-related expenses and business use percentage
6. Home Office Expenses: Calculation of home office expenses including space usage percentage
7. Net Income Calculation: Final calculation of net business income or loss
8. Certification: Declaration of accuracy and completeness with signature and date
1. Partnership Information: Required if business is operated as a partnership, including partner details and profit-sharing ratios
2. GST/HST Summary: Required for businesses registered for GST/HST, showing collected and paid amounts
3. Inventory Valuation: Required for businesses carrying inventory, detailing valuation method and calculations
4. Capital Assets: Required when business owns depreciable assets, including CCA calculations
5. Employee Expenses: Required if business has employees, detailing payroll and related expenses
6. Foreign Income: Required for businesses with income from foreign sources
1. Schedule A - Detailed Income Breakdown: Itemized list of all income sources and revenue streams
2. Schedule B - Expense Details: Detailed breakdown of each expense category with supporting calculations
3. Schedule C - Asset Schedule: List of all business assets and their depreciation calculations
4. Schedule D - Mileage Log: Detailed vehicle usage log for business travel
5. Schedule E - Home Office Calculations: Detailed calculations for home office expense claims
6. Appendix 1 - Receipt Summary: Organized list of all receipts and supporting documentation
7. Appendix 2 - CCA Worksheets: Capital Cost Allowance calculations for depreciable assets
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