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

Last updated 17 February 2020

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.

QC27547