T1163/T1273 Report

The T1163/T1273 report is the Statement A for producers who do participate in AgriStability.  This form is used to report your farming income and expenses for tax purposes.

Before generating your T1163/1273, you will want to make sure that your accounts are setup correctly.  Click Chart of Accounts on the left navigation panel.

You will want to focus on your income and expense accounts.  You can either filter your accounts using the dropdown on the top or scroll down to the appropriate section.

Click one of your accounts to open the edit screen.  You will need to make sure that the T1163/1273 field has the correct line number for the type of income or expense you are dealing with.

These lines numbers are prescribed by CRA, and you cannot add your own lines.  Once you have selected the line number, save the account.  Continue until all the necessary accounts are coded with the correct line number.

Click Reports on the left navigation panel.

Depending on your province, you will click T1163 or T1273 from the Tax information section.

The report will open, consolidating all your information into the line numbers you had setup.

You can switch between accrual or cash using the option at the top of the report.

If you need to include an optional or mandatory inventory adjustment for the year, click Set optional/mandatory inventory.

You can set your numbers and save so they appear on the report.

Last updated on August 5, 2021 by FCC AgExpert