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  • Part H: Net income or loss from business, including losses deferred from a prior year

    Attention

    Warning:

    This information may not apply to the current year. Check the content carefully to ensure it is applicable to your circumstances.

    End of attention

    Completing this part

    Step 1

    If you have net income from primary production business this year at B, take away the amount of your deferred non-commercial primary production business losses from a prior year shown at D. Write this amount at Y item P8 on your schedule. This is your total net income or loss from your primary production business.

    Where Y is a negative amount, print L in the box at the right of the amount.

    If you have a loss from primary production business this year at B, add it to the amount of your deferred non-commercial primary production business losses from a prior year shown at D. Write the amount at Y item P8 on your schedule and print L in the box at the right of the amount. This is your total net loss from your primary production business.

     

    Note

    If you have printed L in the box at the right of the amount at Y, you also need to complete items P3 and P9 on your schedule.

    Step 2

    If you have net income from non-primary production business this year at C, take away the amount of your deferred non-commercial non-primary production business losses from a prior year shown at E. Write this amount at Z item P8 on your schedule. This is your total net income or loss from your non-primary production business.

    Where Z is a negative amount, print L in the box at the right of the amount.

    If you have a loss from non-primary production business this year at C, add it to the amount of your deferred non-commercial non-primary production business losses from a prior year shown at E. Write the amount at Z item P8 on your schedule and print L in the box at the right of the amount. This is your total net loss from your non-primary production business.

    Note

    If you have printed L in the box at the right of the amount at Z, you also need to complete items P3 and P9 on your schedule.

    Step 3

    Add up the total net income or loss shown at Y and Z.

    Write this amount at NET INCOME OR LOSS FROM BUSINESS, Totals column, item P8 on your schedule. Where the total is a negative amount, print L in the box at the right of the amount.

    Step 4

    Transfer the amounts at Y and Z on your schedule to B and C item 14 on your tax return respectively.

    Last modified: 28 May 2009QC 27547