Form TP-80: who fills it in and where to find it

The short answer

Form TP-80, "Business or Professional Income and Expenses", is the Revenu Québec form where a self-employed person works out their business's net income. It goes with their Quebec income tax return, the TP-1. The federal counterpart is Form T2125, filed with the T1 return.

Who has to fill it in

Anyone who carries on a business or a profession on their own account, as a sole proprietor: a self-employed person, a professional, someone who works on commission for themselves. Farmers and fishers use a different form, the TP-80.AP.

You need one TP-80 for each business and each fiscal period. You can also enclose the business's financial statements instead of the form. If your business's fiscal period doesn't end on December 31, or if you started your business during the year and your first fiscal period ends the next year, you also enclose Form TP-80.1.

A member of a partnership, other than a limited or silent partner? Revenu Québec recommends the TP-80 to work out your income. But if the partnership gave you an RL-15 slip, you don't have to enclose it, unless you deduct expenses you paid to earn that income and the partnership didn't reimburse.

What goes on it

The form has eight parts:

1. information about you and your business;
2. additional information about the business;
3. income and expenses, down to net income;
4. motor vehicle expenses, including zero-emission vehicles;
5. capital cost allowance;
6. the other members of the partnership, if any;
7. expenses incurred to earn partnership income;
8. expenses for the business use of your home.

The business's net income then goes on Schedule L of your TP-1.

Where to find it

On Revenu Québec's website, on the TP-80-V form page. Revenu Québec pairs it with guide IN-155-V, Business and Professional Incomes.

The dates to remember

As a self-employed person, you have until June 15 to file your TP-1 with the TP-80, and your T1 with the T2125. But any balance owing is due April 30: after that date, interest applies. Filing in June doesn't push back the payment.

The TP-80 and the T2125

In Quebec, a self-employed person files two returns: the T1 with the T2125 with the Canada Revenue Agency, and the TP-1 with the TP-80 with Revenu Québec. Both forms come from the same books. In the other provinces, including Ontario, Alberta and British Columbia, the provincial tax is calculated on the T1, and only the T2125 is needed.

How we handle it

With our income tax add-on, we prepare your TP-1 with the TP-80 and your T1 with the T2125, from your books, and file them electronically once you approve them. It's all on our Self-employed page.