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Statement of Fishing Activities
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- Use this form to calculate your self-employment fishing income.
- For each fishing business, fill in a separate Form T2121.
- Fill in this form and send it with your income tax and benefit return.
- For more information on how to fill in this form, see guide T4002, Self-employed Business, Professional, Commission, Farming, and Fishing Income.
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Area A - Calculation of capital cost allowance (CCA) claim
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If you have a negative amount in column 7, add it to income as a recapture in Part 3C on line 8230. If no property is left in the class and there is a positive amount in this column, deduct the amount from income as a terminal loss in Part 4 on line 9270. Recapture and terminal loss do not apply to a Class 10.1 property unless it is a DIEP. For more information, read Chapter 3 of Guide T4002. |
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For information on CCA for "Part 7 – Calculating business-use-of-home expenses," see "Special situations" in Chapter 4 of Guide T4002. To help you calculate the CCA, see the calculation charts in Areas B to G. |
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Note 1: |
Columns 4, 6, 8 and 9 apply only to designated immediate expensing properties (DIEPs). See subsection 1104(3.1) of the federal Income Tax
Regulations for definitions. A DIEP is a property that you acquired after December 31, 2021, and that became available for use in the current year. For
more information, see Guide T4002. |
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Note 2: |
The proceeds of disposition of a zero-emission passenger vehicle (ZEPV) that has been included in Class 54, or a passenger vehicle bought after
April 18, 2021, that has been included in Class 10.1, and whose cost is more than the prescribed amount will be adjusted based on a factor equal to its
prescribed amount as a proportion of the actual cost of the vehicle. For dispositions after July 29, 2019, you will have to adjust the actual cost of the vehicle
for any payments or repayments of government assistance that you may have received or repaid for the vehicle. If the passenger vehicle in Class 10.1 is
not designated for immediate expensing treatment, this special rule does not apply. For more information on proceeds of disposition and prescribed
amounts, read "Class 10.1 (30%)" and "Class 54 (30%)" in Guide T4002. |
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Note 3: |
The amount you enter in column 8 must not be more than the amount in column 7. If the amount in column 7 is negative, enter "0." |
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Note 4: |
The immediate expensing applies to DIEPs included in column 8.
The total immediate expensing amount for the tax year (total of column 9) is limited to the lesser of:
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the immediate expensing limit, which is equal to one of the following, whichever is applicable:
- $1.5 million, if you are not associated with any other eligible person or partnership (EPOP) in the tax year
- amount iv of Area G, if you are associated with one or more EPOPs in the tax year
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zero, if you are associated with one or more EPOPs and an agreement that assigns a percentage to one or more of the associated EPOPs was not filed with the minister in a prescribed form
- any amount allocated by the minister under subsection 1104(3.4) of the Regulations
- the UCC of DIEPs in column 8
- the amount of income, if any, earned from the source of income that is a property (before any CCA deductions) in which the relevant DIEP is used for the tax year
For more information, see Guide T4002. |
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Note 5: |
Columns 11, 13 and 14 apply only to accelerated investment incentive properties (AIIPs) (see subsection 1104(4) of the federal Income Tax Regulations for the definition), zero-emission vehicles (ZEVs), ZEPVs and other eligible zero-emission automotive equipment and vehicles that become available for use in the year. In this chart, ZEVs represent zero-emission vehicles, zero-emission passenger vehicles and other eligible zero-emission automotive equipment and vehicles. An AIIP is a property (other than a ZEV) that you acquired after November 20, 2018, and that became available for use before 2028. A ZEV is a motor vehicle included in Class 54 or 55 that you acquired after March 18, 2019, and that became available for use before 2028, or eligible zero-emission automotive equipment and vehicles included in Class 56 acquired after March 1, 2020, and that became available for use before 2028. For more information, see Guide T4002. |
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Note 6: |
The relevant factors for properties available for use before 2024 are 2 1/3 (Classes 43.1, 54 and 56), 1 1/2 (Class 55), 1 (Classes 43.2 and 53), 0 (Classes 12, 13, 14 and 15) and 1/2 for the remaining AIIPs. |
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| For more information on AIIPs, see Guide T4002 or go to canada.ca/taxes-accelerated-investment-income. |
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Area B - Details of equipment additions in the year
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Area C - Details of building additions in the year
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Area D - Equipment dispositions in the year
Note: If you disposed of property from your fishing business in the year, see Chapter 3 of Guide T4002 for information about your proceeds of disposition.
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Area E - Details of building dispositions in the year
Note: If you disposed of property from your fishing business in the year, see Chapter 3 of Guide T4002 for information about your proceeds of disposition.
Area F - Details of land additions and dispositions in the year
Note: You cannot claim capital cost allowance on land. For more information, see Chapter 3 of Guide T4002.
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Area G - Agreement between associated eligible persons or partnerships (EPOPs)
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