T2042: Statement of Farming Activities
Form T2042 is the statement self-employed farmers use to calculate their farming income and expenses for their income tax and benefit return.
This is the genuine CRA PDF, unmodified. Source: CRA official page.
What is T2042?
T2042, Statement of Farming Activities, is used by self-employed farmers or members of a farming partnership to report the income and expenses of their farming business and calculate the net farming income for the year. It captures crop and livestock income, program payments, and the full range of farm expenses.
This is a dynamic (XFA) PDF built for Adobe Acrobat Reader. It will not fill in a web browser or a basic PDF viewer, so download it first and open it in the free Adobe Acrobat Reader. The net income figure calculated here is carried to your T1 return.
Who files T2042?
- Self-employed farmers reporting income and expenses from a farming business
- Members of a farming partnership reporting their share of the results
- Farmers claiming capital cost allowance on farm equipment and buildings
- Anyone reporting farm program payments and related farming income
How to fill out T2042
- Download the T2042 and open it in the free Adobe Acrobat Reader; it will not fill in a browser.
- Enter your farming business details and reporting period.
- Record your farming income, including sales, program payments, and other receipts.
- List your farm expenses and claim capital cost allowance where it applies.
- Carry the net farming income to your T1 return and file it with the CRA.
Get T2042
This is a dynamic PDF from CRA: it only fills in correctly in Adobe Acrobat Reader, so there is no in-browser fill here. Download the genuine T2042 below and open it in the free Adobe Acrobat Reader to complete and save it.
Download the official T2042 PDFFrequently asked questions
Who uses the T2042?
Self-employed farmers and members of a farming partnership use it to report the income and expenses of their farming business. Fishers use a different statement, and employees report differently.
Does the T2042 file on its own?
No. It supports your personal income tax return. You calculate the net farming income on the T2042 and report that amount on your T1 return filed with the CRA.