T2121: Statement of Fishing Activities

Form T2121: Statement of Fishing Activities is used by self-employed fishers or partners in a fishing business to calculate and report their fishing income and expenses for the year. Fishing income includes income from:

  • sale of fish, shellfish, crustaceans, and other marine products
  • grants, credits, rebates, subsidies, compensation for loss of fishing income or property, and other income

Note: If you’re an employee of a fishing business, income earned from this employment does not qualify as fishing income.

Although the Canada Revenue Agency (CRA) accepts other types of financial statements in support of your business income, form T2121 helps ensure that you don’t miss anything important when it comes to reporting your fishing income and expenses.

Remember to complete a separate T2121 form for each fishing business you operate.

If you’re a Québec resident, you must also file Schedule L: Business Income to report your gross and net fishing income (or loss). Fortunately, H&R Block's tax software automatically completes your Schedule L for you based on the information you enter on your T2121.