What is a T2042 Statement of Farming Activities form?
The T2042 form is used to calculate farming income and expenses for income tax purposes. The form is to be filled out by a self-employed farmer or a member of a farming partnership. If you're participating in the AgriStablitiy and Agrilnvest programs, then you need to use the forms applicable to your province instead of the T2042. If you have multiple farming businesses, you must use a separate T2042 statement for every business.