Reporting your income

As a self-employed person you must report your business income using the Accrual method of accounting.

You must also report your business income on a Fiscal period basis.

We encourage you to use Form T2124, Statement of Business Activities. This form will help you calculate your self-employment income.

Report your self-employed day-care earnings on lines 162 and 135 – Business income, of your income tax return. Include gross income and net income, or loss.

Note
Include all of your income when you calculate it for tax purposes. If you repeatedly fail to report all of your income, you may be subject to a penalty of 10% of the amount you failed to report.

Forms and publications

• Business and Professional Income guide (T4002)
• Form T2124, Statement of Business Activities