Claiming Business Expenses On A Business Loss In Canada
If you are filing your Canadian income tax as a sole proprietor or partner, using the T1 tax return, when you are filling out Form T2125 (Statement of Business or Professional Activities), you will be listing various business expenses. If your business expenses exceed your business income, you will record a business loss on this form. Using Business Loss Against Other Income Whether you get to “use” this business loss and claim the business expenses depends on whether or not you have other income....