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Business Income Worksheet * Please note this only a rough worksheet, the full fillable PDF with EVERY available element can be found at (click here:) T2125 - CRA
Instructions
1. Update the transactions in the Expense Tracking tab, you can write over or delete the existing example data that I included. You can add revenue invoices too if you want or do those in another tab
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For help with your self-employment, small business or corporate taxes or bookkeeping, please reach out to Debbie Horovitch 647-633-9950 CRA Efile approved tax professional.
2. Update your revenue sources here in this tab by Revenue source highlighted in yellow
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2020 Calendar Year (Self-Employed)
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EarningsTotalHST Collected
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Account 1 Invoice/Accounting Software$0.00$0.00
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Account 2 PayPal$0.00$0.00
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Account 3 Credit Card Processor$0.00$0.00
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Account 4 USD currency account$0.00$0.00
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Account 5$0.00$0.00
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$0.00$0.00
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T2125 CRA (List of expenses allowed)
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Part 3D - Cost of goods sold and gross profitDetailsCodeAmountNotes
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Opening Inventory (include raw materials, goods in process, and finished goods)
8300$0.00
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Purchases during the year (net of returns, allowances, and discounts)
8320$1,502.71
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Direct wage costs8340$0.00
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Subcontractors8360$0.00
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Closing Inventory (include raw materials, goods in process, and finished goods)
8500$0.00
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Part 4 - Net Income (loss) before adjustments
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ExpensesDetailsCodeAmountNotes
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Accounting fees8862$0.00
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Advertising and promotion8520$859.74
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Bad debts8590$0.00
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Business taxes, licences & memberships8760$0.00
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Capital cost allowance (CCA)9936$0.00
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Closing inventory8500$0.00
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Delivery, freight & express9275$0.00
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Direct wages8340$0.00
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Equipment rental8914$0.00
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Freight in and duty8457$0.00
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Fuel costs (except for motor vehicles)9224$0.00
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Insurance8690$0.00
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Interest and bank charges8710$0.00
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Management and administration fees8871$0.00
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Management salaries9065$0.00
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Meals and entertainment8523$0.00
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Office expenses8810$40.00
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Opening inventory8300$0.00
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Other expenses (specify)9270$0.00
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Professional fees8860$0.00
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Property taxes9180$0.00
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Purchases/cost of materials8320$1,502.71
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Real estate rental8911$2,100.00
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Repairs and maintenance8960$0.00
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Salaries and wages9060$0.00
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Telephone and communications9225$54.81
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Trades and sub-contracts8360$0.00
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Travel expenses9200$0.00
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Utilities9220$73.50
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Vehicle expenses9281$0.00
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Total Business Expenses9368$4,630.76
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Net Income (before taxes)-$6,133.47
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