What is a T125 Statement of Business or Professional Tax Activities?

The Statement of Business Activities is used to calculate business income or income from self-employment. You use it if you're a sole proprieter or are in business partnership and can calculate your gross and net income after deducting business expenses.

If you have an employer who establishes your working hours, determines your salary and assesses your work, do not use the T2125 to indicate your income.

If you're self-employed and control the time, place, and hours you work, supply your own equipment and tools, make a profit or incur a loss, and cover all the business costs, you can use the T2125 to report your income and expenses.

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