T2121 Forms: 1  
Federal forms: 

Statement of Fishing Activities  

  • 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.
 
Part 1 - Identification
                       
Your name Demo EachTax     Your social insurance number    123456789
Vessel registration number (VRN)   Business number (15 characters)  
Boat name   Industry code
Main species   (see Chapter 2 in Guide T4002)  
Business address   City, province or territory   Postal code
   
Fiscal period
From:
  To:   Was 2023 your last year of fishing?   Yes  No
Tax shelter identification number     Partnership business number (9 digits)  
Accounting method: Cash  Accrual   Your percentage of the partnership   %
Name of preparer  
Address of preparer  
 

Part 2 - Internet business activities
 
If your webpages or websites generate fishing income, fill in this part of the form.
 
How many Internet webpages and websites does your business earn income from? Enter "0" if none.
                     
Provide the main webpage or site addresses:
http://
http://
http://
http://
http://
 
Percentage of your gross income generated from the webpages and websites.
(If no gross income was generated from the Internet, enter "0")
%
 

Part 3 - Income
             
Fish products  3A 
Other marine products  3B 
Grants, credits, and rebates  3C 
Subsidies  3D 
Compensation for loss of fishing income or property  3E 
Sharesperson income (specify name of fishing boat and captain below)
 3F 
Other income (specify) *  9600
Gross income - Total of amounts 3A to 3F and line 9600 (enter this amount on line 14299 of your income tax and benefit return)  8299   
 
* You may have received assistance from COVID-related measures from the federal, provincial or territorial governments. For more information on how to report COVID-related assistance, go to canada.ca/en/revenue-agency/services/wage-rent-subsidies/report-subsidy-tax-return.html.
 

2

Part 4 - Net income (loss) before adjustments
                     
Gross income (line 8299 of part 3)  4A 
Expenses (enter only the business part)
  Salt, bait and ice 9138  4B 
  Crew shares 9062  4C 
  Fuel and oil costs (except for motor vehicles) 9224  4D 
  Fishing gear 9136  4E 
  Insurance 8690  4F 
  Interest and bank charges 8710  4G 
  Meals and entertainment 8523  4H 
  Licences (business taxes and memberships) 8760  4I 
  Motor vehicle expenses (not including CCA) (amount 16 of Chart A) 9281  4J 
  Office expenses 8810  4K 
  Nets and traps 9137  4L 
  Professional fees (includes legal and accounting fees) 8860  4M 
  Salaries, wages, and benefits (including employer's contributions) 9060  4N 
  Repairs and maintenance:
  Fishing boat  1 
Engine  2 
Electrical equipment  3 
Total of amounts 1 to 3  4 
Insurance recovery  5 
Your cost (amount 4 minus amount 5) . 8963    4O 
Other expenses (specify) 9270  4P 
Subtotal: Add the total of amount 4B to 4P  4Q 
Capital cost allowance (CCA). Enter amount ii of Area A minus any personal part and any CCA for business-use-of-home expenses 9936
Total expenses: Amount 4Q plus line 9936 9368    b 
Net income (loss) before adjustments: Amount 4A minus line 9368 9369

Part 5 - Your net income (loss)
                   
Your share of line 9369 above or the amount from your T5013 slip, Statement of Partnership Income  5A 
GST/HST rebate for partners received in the year 9974   
Total: Amount 5A plus line 9974    5B 
Minus: Other amounts deductible from your share of net partnership income (loss) (from Part 6) 9943   
Net income (loss) after adjustments: Amount 5B minus line 9943  5C 
Minus: Business-use-of-home expenses (amount 7P) 9945
Your net income (loss): Amount 5C minus line 9945 (enter this amount on line 14300 of your income tax and benefit return) 9946
 

Part 6 - Other amounts deductible from your share of net partnership income (loss) Claim expenses you incurred that were not included in the partnership statement of income and expenses, and for which the partnership did not reimburse you. These claims must not be included in the claims already calculated for the partnership.
List details of expenses Expense amounts  
Total (enter this on line 9943 of Part 5)
 

3

Part 7 - Calculating business-use-of-home expenses
Heat    7A 
Electricity  7B 
Insurance  7C 
Maintenance  7D 
Mortgage interest  7E 
Property taxes  7F 
Other expenses  7G 
Subtotal: Add amounts 7A to 7G  7H 
Personal-use part of the business-use-of-home expenses  7I 
Subtotal: Amount 7H minus amount 7I  7J 
Capital cost allowance (business part only), which means amount ii of Area A minus any portion of CCA that is for personal use or entered on line 9936 of Part 4.  7K 
Amount carried forward from previous year  7L 
Subtotal: Add amounts 7J to 7L  7M 
Net income (loss) after adjustments (amount 5C of Part 5) (If negative, enter "0")  7N 
Business-use-of-home expenses available to carry forward: Amount 7M minus amount 7N (If negative, enter "0")  7O 
Allowable claim: Amount 7M or 7N above, whichever is less (enter your share of this amount on line 9945 of Part 5)  7P 
             
 
Part 8 - Details of other partners Do not fill in this chart if you must file a partnership information return.
(Do not enter information of yourself.)
Last name First name Address Share of net income
or (loss) $
Percentage of
partnership
 
 
 
Part 9 - Details of equity
Total business liabilities 9931
Drawings in the current year 9932
Capital contributions in the current year 9933
       

Line 67090 (T2039) - Air quality improvement tax credit allocated to you in the year
               
Air quality improvement tax credit allocated to you in the year
(reported in box 238 of T5013 slip or in a letter)
Note:
This credit is government assistance received immediately before the end of the tax year it relates. If the credit is received for the acquisition of a depreciable property, the capital cost (column 3 of Area B or C of this form) of the property is reduced by the amount of the assistance. For more information, read "Grants, subsidies, and rebates" under section "Special situations" in Chapter 4 of Guide T4002, Self-employed Business, Professional, Commission, Farming, and Fishing Income.
Software Note:
If the amount is reported on a T5013 slip, please enter it in box 238 of T5013 instead of here. If the amount is provided by your partnership in a letter rather than a T5013, please enter it on line 67090 here and leave box 238 of T5013 blank.
67090
 

 

4

Area A - Calculation of capital cost allowance (CCA) claim
Software Note
  • Please enter only one entry per each class (number).
  • If there are equipment/building additions/dispositions in Area B, C, D and E, please ensure there is one (and only one) entry in Area A with matching class number for each class number in Area B, C, D and E. The software calculates based on matching class numbers.
  • To claim less than the calculated CCA, please override the calculated amount in column 18 per each class in Area A.

1
Class number
2
Undepreciated capital cost (UCC) at the start of the year
3
Cost of additions in the year
(see Areas B and C below)
4
Cost of additions from column 3 that are DIEPs (property must be available for use in the year)
Note 1
5
Proceeds of dispositions in the year
(see Areas D and E below)
6
Proceeds of dispositions of DIEP (enter amount from col. 5 that relates to DIEP from col. 4)
7**
UCC after additions and dispositions
(col. 2 plus col. 3 minus col. 5)
8
UCC of DIEP (col. 4 minus col. 6)
Note 2
9
Immediate expensing amount for DIEPs
Note 3
10
Cost of remaining additions after immediate expensing (col. 3 minus col. 9)
 
Total immediate expensing claim for the year: Total of column 9  i 

11
Cost of remaining additions from column 10 that are AIIPs or ZEVs
Note 4
12
Remaining UCC after immediate expensing (col. 7 minus col. 9) If negative, enter "0"
13
Proceeds of dispositions available to reduce additions of AIIPs and ZEVs (col. 5 minus col. 10 plus col. 11). If negative, enter "0"
Note 5
14
UCC adjustment for current-year additions of AIIPs and ZEVs (col. 11 minus col. 13) multiplied by the relevant factor. If negative, enter "0"
Note 6
15
Adjustment for current year additions subject to the half-year rule.
1/2 multiplied by (col. 10 minus col. 11 minus col. 5).
If negative, enter "0"
16
Base amount for CCA
(col. 12 plus col. 14 minus col. 15)
17
CCA
rate
%
18
CCA for the year
(col. 16 multiplied by col. 17 or a lower amount, plus col. 9)
19
UCC at the end of the year
(col. 7 minus col. 18)
 
Total CCA claim for the year  ii 
Personal part of the CCA and any CCA for business-use-of-home expenses***  -
Business part of the CCA claim for the year (enter the amount on line 9936 of Part 4)  =
** 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.
*** 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.
       

 

5

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.
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.
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."
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:
  • 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
    • 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.
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.
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.
 
For more information on AIIPs, see Guide T4002 or go to canada.ca/taxes-accelerated-investment-income.
       
Area B - Details of equipment additions in the year
1
Class number
2
Property details
3
Total cost
4
Personal part
(if applicable)
5
Business part
(column 3 minus column 4)
 
Total equipment additions in the year 9925
Area C - Details of building additions in the year
1
Class number
2
Property details
3
Total cost
4
Personal part
(if applicable)
5
Business part
(column 3 minus column 4)
 
Total building additions in the year 9927
 

6

Area D - Equipment dispositions in the year
1
Class number
2
Property details
3
Proceeds of disposition
(should not be more than the capital cost)
4
Personal part
(if applicable)
5
Business part
(column 3 minus column 4)
 
Total equipment dispositions in the year 9926
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 E - Details of building dispositions in the year
1
Class number
2
Property details
3
Proceeds of disposition
(should not be more than the capital cost)
4
Personal part
(if applicable)
5
Business part
(column 3 minus column 4)
 
Total building dispositions in the year 9928
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
Total cost of all land additions in the year 9923
Total proceeds from all land dispositions in the year 9924
           
Note: You cannot claim capital cost allowance on land. For more information, see Chapter 3 of Guide T4002.

Area G - Agreement between associated eligible persons or partnerships (EPOPs)
 
Are you associated in the fiscal period with one or more EPOPs that you have entered into an agreement with under subsection 1104(3.3) of the Regulations? Yes  No
 

If you answered yes, fill in the table below.

Enter the percentage assigned to each associated EPOP (including your business) as determined in the agreement.

This percentage will be used to allocate the immediate expensing limit. The total of all percentages assigned under the agreement should not be more than 100%. If the total is more than 100%, then the associated group has an immediate expensing limit of zero. For more information about the immediate expensing limit, see Guide T4002.

       
1
Name of the EPOP
2
Identification number
Note 7
3
Percentage assigned under the agreement
(%)
 
Total of percentage assigned: Total of column 3 
       
Immediate expensing limit allocated to your business: Multiply 1.5 million by the percentage assigned to your business in column 3 (see note 8) . iii
         
 
Note 7: The identification number is the EPOP's social insurance number, business number or partnership account number.
Note 8: If the total of column 3 is more than 100%, enter "0".
 

 

7

 
Chart A - Motor Vehicle Expenses
Kilometres you drove in the tax year to earn fishing income 1
Total kilometres you drove in the tax year 2
 
   Fuel and oil 3
   Interest (use Chart B below) 4
   Insurance 5
   Licence and registration 6
   Maintenance and repairs 7
   Leasing (use Chart C below)  8 
   Electricity for zero-emission vehicles  9 
   Other expenses (specify) 10
   11
   Total motor vehicle expenses: Add amounts 3 to 11 12
                       
   Business-use part: amount 1: ÷ amount 2: x amount 12: = 13
 
   Business Parking Fees 14
   Supplementary Business Insurance 15
 
Allowable motor vehicle expenses: Add amounts 13 to 15 (enter this total on line 9281 of Part 4) 16
Note: You can claim CCA on motor vehicles in Area A.
 
 
Chart B - Available interest expense for passenger vehicles
Total interest payable (accrual method) or paid (cash method) in the fiscal period 17
   $10****  X  the number of days in the fiscal period for which interest was payable (accrual method) or paid (cash method) = 18
 
Available interest expense: Amount 17 or 18, whichever is less (include this in amount 4 of Chart A)   19
                 
**** For passenger vehicles bought after 2000.
 
 
Chart C - Eligible leasing costs for passenger vehicles ****
                         
Total lease charges incurred in your current fiscal period for the vehicle  20 
Total lease payments deducted before your current fiscal period for the vehicle  21 
Total number of days the vehicle was leased in your current and previous fiscal periods  22 
Manufacturer's list price  23 
 
Year that the leases were entered into (see note 9, 10 and 11)   
 
Use a GST rate of 5% or HST rate applicable to your province.   
 
Amount 23 or ($42,353 + GST and PST, or $42,353 + HST), whichever is more (see note 9)
$  x 85% =  24 
 
[($950 + GST and PST, or $950 + HST)] (see note 10)
($  x amount 22) ÷ 30 =  25 
Amount 25: -   amount 21: =  26 
 
[($36,000 + GST and PST, or $36,000 + HST)] (see note 11)
$  x amount 20 = ÷ amount 24: =  27 
 
Eligible leasing cost: Amount 26 or 27, whichever is less (enter in amount 8 of Chart A above)    28 
**** Includes a vehicle that would qualify as a zero-emission passenger vehicle if you owned it.
 
         
Note 9: For leases entered into in 2022, it's amount 23 or ($40,000 plus GST and PST, or HST on $40,000), whichever is more. For leases entered into before 2022, it's amount 23 or ($35,294 plus GST and PST, or HST on $35,294, whichever is more.
Note 10: For leases entered into in 2022, amount 25 is equal to [($900 plus GST and PST, or $900 plus HST) multiplied by amount 22], divided by 30. For leases entered into before 2022, amount 25 is equal to [($800 plus GST and PST, or $800 plus HST) multiplied by amount 22], divided by 30.
Note 11: For leases entered into in 2022, amount 27 is equal to [($34,000 plus GST and PST, or $34,000 plus HST) multiplied by amount 20], divided by amount 24. For leases entered into before 2022, amount 27 is equal to [($30,000 plus GST and PST, or $30,000 plus HST) multiplied by amount 20], divided by amount 24.