2025 Printable Template
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Form last updated: 03/2024. Please verify this is the current version before use.
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What is a T2042 used for?
Form T2042 is used by self-employed farmers in Canada to report their farming income and expenses. It assists in calculating net profit or loss for tax purposes and provides the Canada Revenue Agency (CRA) with necessary financial information about farming operations.
Who needs to fill out a T2042 form
Self-employed farmers and individuals operating farming businesses who need to report farming income and expenses to the CRA.
How to fill out a T2042 online?
Follow these steps to complete your T2042 form online.
Frequently Asked Questions
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Form T2042 is used by self-employed farmers to report their farming income and expenses to the CRA.
The form is generally due by the same date as your income tax return, which is typically April 30. However, if you or your spouse or common-law partner carried on a business, the deadline is June 15, but any balance owing is due by April 30.
No, Form T2042 does not require a signature; it should be submitted with your income tax return.
