Schedule L - Business Income (Rama please add French for entire page)

If you carried on a business in 2016, use Schedule L to report your gross income and your net income (or net loss), calculated according to the accrual method. However, if you are a farmer, a fisher or a person who earns commissions, you can use the cash method to calculate your net income.

Net Business Income :

Business other than the types listed below
- The jump from box 12 or 22 takes you to TP-80-V. All details relevant to business income needs to be entered in T2125.
- If you received a RL-15 slip during the year relating to your business then go directly to part 6 of TP-80-V. Name, share of net income and partnership flows directly from details of other partners entered in Part 8 of T2125. You need to enter the other partner's address in Part 6.
- Additional information about your business in TP-80-V : Box 65, 67 and 69 value to be entered from your financials. Box 71 comes from T2125 ( Line 9931 ), Box 73 comes from T2125 ( Line 9932) , Box 75 comes from T2125 ( Line 9933)
- Business Income from T5013 and/or T5013A
  
  Open the form named "T5013 Partnership" in the return and enter an applicable amount in box 37.
- For any other assistance for TP-80-V please refer IN-155_V
Farming
- The amount here comes from T1 general where it flows from several sources:
Fishing
The amount here comes from T1 general where it flows from several sources:
- Fishing Income from a T2121
  
  Open the form named "T2121" to the return and enter appropriate details in the fields provided.
  
  Refer to CRA for more information.
- Farming Income from T5013 and/or T5013A
  
  Open the form named "T5013 Partnership" in the return and enter an applicable amount in box 43.
- Farming Loss from a Tax Shelter
  
  Open the form named "T5003 - Tax Shelters" in the return and enter an amount in box 11. Enter "143" in box 12.
  
  The amount in box 11 will reduce the total forwarded to line 143 of the T1 General.
Profession
The amount here comes from several sources:
- Professional Income from a T2125
  Open the form named "T2125" to the return and enter appropriate details, reporting the following:
  - entering income in Part 2
  - ensuring "other business" is checked under the section "Type of Business" on page 3 of the T2125 form.
  Refer to CRA for more information.
- Professional Income from T5013 and/or T5013A
  
  Open the form named "T5013 Partnership" in the return and enter an applicable amount in box 37.
- Professional Loss from a Tax Shelter
  
  Open the form named "T5003 - Tax Shelters" in the return and enter an amount in box 11. Enter "137" in box 12.
  
  The amount in box 11 will reduce the total forwarded to line 137 of the T1 General.
Work remunerated on a commission basis
- If the commission income is from business then in T2125 you need to select ' Commission business' within ' Type of Business' in Part 8. All other details is same as that for business income.
- If the commission income is from T5013 then the process is same as business income

Line 27 : Add lines 22 through 26

Line 28 : Income from a partnership allocated to a retiring partner or end-of-career allowance received by a physician who did not practise medicine in the year the allowance was received

Line 29 : Income from a partnership of which you were a specified member

Line 40 :Insurable earnings (QPIP) and pensionable earnings (QPP) of a person responsible for a family-type resource or an intermediate resource

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