Recent changes – Businesses
With regard to agricultural expenses incurred since 2025, the federal Return of fuel charge proceeds to farmers tax credit was eliminated (2025-2026 fuel
Business or Professional Income
An individual who carries on a business must include the proceeds from all sales, including commissions and professional fees, for which the individual is paid (or is to be paid) in cash or equivalent, or in the form of a barter.
Other Income
Business income includes amounts and benefits received during the year, such as:
- The value of trips awarded as a bonus or gifts received for work performed by the business;
- Grants and subsidies received from an organization or government;
- The collection of a debt that had been written off as a doubtful account in a previous year;
- Incidental investment income.