Hi! I am filing for the first time in Canada. I have a small farm in another country. Not a hobby farm, but I certainly don’t depend on its cash flow. It has been returning me a modest loss for a few years already (I am actually trying to sell the land it but that is another story). I am in doubt as to whether to give myself the hassle of filling T2042 Statement of Farming Activities, or if I should not bother at all. In the US, where I was until recently, I was actually filing the equivalent farming schedule and getting the loss deduction. I also wonder if filing it in Canada will only earn me an audit... Thanks in advance for any advice!
Small Farming Losses Outside Canada
- Thread starter fmartins2003
- Start date