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Self-employed Business, Professional, Commission, Farming ...

Self-employed Business, Professional, Commission, Farming , and fishing Income 2017. This guide is only available in electronic format. T4002(E) Rev. 17. Is this guide for you? Use this guide if you earned income as a: If you are an AgriStability and AgriInvest participant in Alberta, Ontario, Saskatchewan, or Prince Edward sole proprietor (unincorporated, Self-employed Island, use Guide RC4060, Farming Income and the individual) who is any of the following: AgriStability and AgriInvest Programs. business person If you are an AgriStability and AgriInvest participant in professional the rest of Canada, use Guide RC4408, Farming Income and the AgriStability and AgriInvest Programs Harmonized Guide.

Self-employed Business, Professional, Commission, Farming, and Fishing Income 2017 This guide is only available in electronic format. T4002(E) Rev. 17

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1 Self-employed Business, Professional, Commission, Farming , and fishing Income 2017. This guide is only available in electronic format. T4002(E) Rev. 17. Is this guide for you? Use this guide if you earned income as a: If you are an AgriStability and AgriInvest participant in Alberta, Ontario, Saskatchewan, or Prince Edward sole proprietor (unincorporated, Self-employed Island, use Guide RC4060, Farming Income and the individual) who is any of the following: AgriStability and AgriInvest Programs. business person If you are an AgriStability and AgriInvest participant in professional the rest of Canada, use Guide RC4408, Farming Income and the AgriStability and AgriInvest Programs Harmonized Guide.

2 Commission sales person (this is different from an employee who earns commission). farmer For fishers fisher You can be a Self-employed fisher and also a partner of one partner of a: or more fishing partnerships. For instance, you may have fished for groundfish by yourself and also have been in a partnership who is a business person lobster- fishing partnership with your child. partnership who is a professional Generally, we consider you to be a Self-employed fisher if Farming or fishing partnership all of the following applies to you: It will help you calculate your self-employment income to you participate in making a catch.

3 Report on your 2017 income tax return. you are not fishing for your own or another person's Though a trust may be considered an individual, this guide sport; and is not for trusts. Do not use this guide if you are a trust or you meet at least one of the following conditions: a corporation. you own or lease the boat that is used to make If you are a trust, use Guide T4013, T3 Trust Guide. the catch If your business is incorporated, use Guide T4012, T2. you own or lease specialized fishing gear used to make Corporation Income Tax Guide. the catch (not including hand tools or clothing).

4 This guide contains tax information for all types of you hold a species licence issued by Fisheries and self-employment business income. However, some tax rules Oceans Canada, which is necessary to make the catch are not the same for all types of business. In this document, you will find icons. you have a right of ownership to all or part of the proceeds from the sale of the catch, and you are The briefcase icon means the information is specific to responsible for all or part of the expenses incurred in business and professional income and Form T2125, making the catch.

5 This means you have to pay a Statement of Business or Professional Activities. predetermined amount or percentage of the expenses, such as fuel, had by the crew in making the catch, The tractor icon means the information is specific to regardless of the value of the catch. Farming and Form T2042, Statement of Farming Activities. The fish icon means the information is specific to fishing and Form T2121, Statement of fishing Activities. You are considered to be Self-employed if you have a business relationship with a payer and you have the right to determine where, when, and how your work is done.

6 For For farmers more information, see Guide RC4110, Employee or Self-employed ? If you are participating in the AgriStability and AgriInvest programs, you have to use the applicable guide: Throughout this guide, we refer to other publications such as guides and forms. Generally, if you need any of these, go If you are an AgriStability and AgriInvest participant in to You may want to bookmark this Quebec, use this guide for your income tax return and address for easier access to our website in the future. For contact La Financi re agricole du Qu bec more information on archived content of interpretation at 1-800-749-3646 about AgriStability and bulletins, go to AgriInvest participation.

7 Forms-publications/what-archived-content -notice-means- What's new for 2017? Billed-basis accounting for for each subsequent taxation year, the full amount of the lesser of the cost and the fair market value of professionals work-in-progress will be taken into account for the For taxation years that begin after March 21, 2017, a purposes of valuing that inventory taxpayer carrying on a designated professional business cannot use billed-basis accounting. Using billed-basis Guide T4003, Farming and fishing accounting means you exclude amounts for work in Income progress at the end of a tax year from your business income Guide T4003, Farming and fishing Income, is no longer for that year.

8 Published. It was replaced by this guide. This guide now A designated professional business means a business that is includes tax information for farmers, fishers, and all other the professional practice of an accountant, dentist, lawyer types of self-employment income. (including a notary in the province of Quebec), medical doctor, veterinarian, or chiropractor. The taxpayer carrying Eligible capital property on the designated professional business may be a corporation or an individual practising alone or as a On January 1, 2017, the eligible capital property system was member of a partnership.

9 Replaced with the new capital cost allowance (CCA). class with transitional rules. Under the old system, If you elected to use billed-basis accounting in your last eligible capital expenditures are added to the cumulative taxation year that begins before March 22, 2017, the eligible capital pool at a 75% inclusion rate, and the rate of inclusion of work in progress into your income is phased in depreciation of those expenditures is 7% on a as follows: declining-balance basis. Under the new system, for your first taxation year that begins after newly-acquired eligible properties will be included in March 21, 2017, 20% of the lesser of the cost and the fair class at a 100% inclusion rate with a 5% capital cost market value of work in progress will be taken into allowance rate on a declining-balance basis.

10 Account for the purposes of determining the value of For each taxation year that ends before 2027, additional inventory held by the business under the Income Tax Act deductions for CCA will be allowed for property acquired for your second taxation year that begins after before January 1, 2017. This property will be included in March 21, 2017, 40% of the lesser of the cost and the fair class market value of work in progress will be taken into account for the purposes of determining the value of Investment tax credit for child care that inventory spaces for your third taxation year that begins after Budget 2017 has eliminated the investment tax credit for March 21, 2017, 60% of the lesser of the cost and the fair child care spaces.


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