T2125 form pdf 2025

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The document is a Form T2125, used for reporting business or professional activities in Canada. It outlines the necessary information required to complete the form, including identification details, income from business or professional activities, cost of goods sold, and net income calculations. The form also provides sections for detailing expenses and capital cost allowance claims, as well as guidelines for partnerships and business-use-of-home expenses.

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Click ‘Get Form’ to open the t2125 form in the editor.
Begin by filling out the identification section. Enter your name, social insurance number, business name, and address. Ensure all details are accurate for proper processing.
In Part 1, if you have business income, tick the appropriate box and enter your sales, commissions, or fees. Deduct any applicable taxes and discounts to calculate your adjusted gross sales.
If you have professional income, complete Part 2 similarly by entering professional fees and deducting taxes. Make sure to follow the instructions for work-in-progress if applicable.
Proceed to Part 3 to summarize your gross business or professional income. This will be crucial for your tax return.
Complete Parts 4 through 6 as necessary based on your business activities, ensuring all expenses and deductions are accurately recorded.

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Who needs to file a T2125 form?

Self-employed individuals, including sole proprietors and partners in unincorporated businesses, must report their business or professional income and expenses on the T2125 form. This form is used by those involved in various types of business activities, such as internet businesses or service providers.

What tax forms do I need for an independent contractor?

To file your annual income tax return, you will need to use Schedule C (Form 1040), Profit or Loss from Business (Sole Proprietorship), to report any income or loss from a business you operated or profession you practiced as a sole proprietor, or gig work performed.

Who is required to file a tax return in Canada?

You must file a personal income tax return if any of the following applies: You have to pay tax on income earned during the previous calendar year. The tax authorities requested that you file a return. You sold or otherwise disposed of property, such as real estate or corporate shares.

What is a T2125 form?

You are required to file a federal Nonemployee Compensation (Form 1099-NEC) or a Miscellaneous Information (Form 1099-MISC) for the services performed by the independent contractor.