Completing T2125- Sections 7/8/9/10

Completing T2125 Statement of Business or Professional Activities

Section 7- Other amounts deductible from your share of the net partnership income (loss)

• This section only applies if you had a business partner.
• In this section you can claim expenses that were not included in the partnership statement or reimbursed through the partnership.
• This amount can be added to Line 59 of Section 6
• For demonstration purposes, we are not completing this section as we are completing the T2125 form as an individual only.

Section 8- Calculation of business-use-of-home expenses

• The CRA allows self-employed individuals to claim a portion of our home expenses that can be attributed to the business.
• For instance, if you have a home office, a portion of your rent, utilities, property taxes, and other expenses can be claimed.
• Caution, as Uber Drivers it would be difficult to claim home expenses since we are mainly using our vehicles to conduct business.
• If you have justified expenses which you can claim, complete this section and enter the amount on Line 61 of Section 6. 
• For demonstration purposes, we are not completing this section as we are completing the T2125 form as an individual only. 

Section 9- Details of other partners

• This section only applies if you had business partner.
• List the names and addresses for all of your business partners and their share of the net income (loss) in this section. Also list their percentage or stake in the partnership. IE. Do they have 10% 20% 50% of the business?
• For demonstration purposes, we are not completing this section as we are completing the T2125 form as an individual only.

Section 10- Details of equity

• This section only applies if you had business partner.
• For demonstration purposes, we are not completing this section as we are completing the T2125 form as an individual only.  

*Always consult a qualified tax professional when completing an income tax return. The content of this post is for informational purposes only and does not constitute as legal advice.