New Form for Reporting Business or Professional Income for 2008

Beginning in 2008, CRA will no longer produce form T2124 Statement of Business Income or form T2032 Statement of Professional Income.  These two forms have been replaced with new form T2125 Statement of Business or Professional Income.  The new form will not be released by CRA until January 7.

The new form has been rearranged to accommodate both types of income but does not ask for any additional information than was asked for on the old forms.  It may be used for either business or professional income but if a taxpayer has both, separate T2125 forms will need to be prepared, one for each type of income.  Reporting on the T1 General return has not changed.

Although not yet available from CRA in electronic format, T4002 Business and Professional Income (2008 version) is available in EverGreen Explanatory Notes. Check it out today.