Form T2121 Statement of Fishing Activities - Canada

Form T2121 Statement of Fishing Activities is used by individuals or corporations in Canada to report their fishing income and expenses. It is used to calculate the income tax payable on fishing activities and includes details such as the type of fishing activity, income earned, and eligible deductions.

The Form T2121 Statement of Fishing Activities in Canada is typically filed by individuals who are engaged in commercial fishing activities.

FAQ

Q: What is Form T2121?
A: Form T2121 is the Statement of Fishing Activities in Canada.

Q: Who needs to file Form T2121?
A: Fishers in Canada who carry on a fishing business or earn income from fishing activities need to file Form T2121.

Q: What information is required on Form T2121?
A: Form T2121 requires information about your fishing business, including income, expenses, and other details.

Q: When is the deadline to file Form T2121?
A: For individuals, the deadline to file Form T2121 is generally April 30.

Q: Do I have to keep records for Form T2121?
A: Yes, you are required to keep records to support the amounts reported on Form T2121. These records should be kept for at least six years.

Q: Are there any penalties for not filing Form T2121?
A: Yes, if you fail to file Form T2121 or provide false information, you may be subject to penalties and interest charges.

Q: Can I e-file Form T2121?
A: No, Form T2121 can only be filed on paper. It cannot be e-filed.