Self employed Business, Professional, Commission, Farming, and Fishing Income: How to calculate the mandatory inventory adjustment (MIA)
Disclaimer
We do not guarantee the accuracy of this copy of the CRA website.
Scraped Page Content
Self employed Business, Professional, Commission, Farming, and Fishing Income: How to calculate the mandatory inventory adjustment (MIA)
For instructions on how to fill in the following charts, see Line 9942 – Mandatory inventory adjustment included in 2017.
Enter the amount you paid by the end of the 2017 fiscal period for the specified animals you bought:
| Fiscal period | Cash cost ($) |
|---|---|
| in your 2017 fiscal period | Blank space for value Line 1 |
| in your 2016 fiscal period | Blank space for value Line 2 |
| in your 2015 fiscal period | Blank space for value Line 3 |
| in your 2014 fiscal period | Blank space for value Line 4 |
| before your 2014 fiscal period | Blank space for value Line 5 |
Enter the amount you paid by the end of your 2017 fiscal period for all other inventory you bought:
| Fiscal period | Cash cost ($) |
|---|---|
| in your 2017 fiscal period | Blank space for value Line 6 |
| in your 2016 fiscal period | Blank space for value Line 7 |
| in your 2015 fiscal period | Blank space for value Line 8 |
| in your 2014 fiscal period | Blank space for value Line 9 |
| before your 2014 fiscal period | Blank space for value Line 10 |
Chart 2
Value of purchased inventory for specified animals
Inventory bought in your 2017 fiscal period
Enter an amount that is not more than the amount on line 1, but not less than 70% of this amount.
Inventory bought in your 2016 fiscal period
Enter an amount that is not more than the amount on line 2, but not less than 70% of the total of the value at the end of your 2016 fiscal period plus any amounts you paid in your 2017 fiscal period toward the purchase price.
Inventory bought in your 2015 fiscal period
Enter an amount that is not more than the amount on line 3, but not less than 70% of the total of the value at the end of your 2016 fiscal period plus any amounts you paid in your 2017 fiscal period toward the purchase price.
Inventory bought in your 2014 fiscal period
Enter an amount that is not more than the amount on line 4, but not less than 70% of the total of the value at the end of your 2016 fiscal period plus any amounts you paid in your 2017 fiscal period toward the purchase price.
Inventory bought before your 2014 fiscal period
Enter an amount that is not more than the amount on line 5, but not less than 70% of the total of the value at the end of your 2016 fiscal period plus any amounts you paid in your 2017 fiscal period toward the purchase price.
Chart 3
Value of purchased inventory for all other inventory
Inventory bought in your 2017 fiscal period
Enter the amount from line 6 or the fair market value, whichever is less.
Inventory bought in your 2016 fiscal period
Enter the amount from line 7 or the fair market value, whichever is less.
Inventory bought in your 2015 fiscal period
Enter the amount from line 8 or the fair market value, whichever is less.
Inventory bought in your 2014 fiscal period
Enter the amount from line 9 or the fair market value, whichever is less.
Inventory bought before your 2014 fiscal period
Enter the amount from line 10 or the fair market value, whichever is less.
Chart 4
Calculation of MIA
Enter the amount of your net loss from line 9899 of Form T2042.
Enter the value of your inventory from Chart 2 and Chart 3:
the amount on line 11
the amount on line 12
the amount on line 13
the amount on line 14
the amount on line 15
the amount on line 16
the amount on line 17
the amount on line 18
the amount on line 19
the amount on line 20
Total value of inventory
MIA – Enter the amount on line 21 or line 22, whichever is less.
Privacy statement
The information you provide through this survey is collected under the authority of the Department of Employment and Social Development Act (DESDA) for the purpose of measuring the performance of Canada.ca and continually improving the website. Your participation is voluntary.
Please do not include sensitive personal information in the message box, such as your name, address, Social Insurance Number, personal finances, medical or work history or any other information by which you or anyone else can be identified by your comments or views.
Any personal information collected will be administered in accordance with the Department of Employment and Social Development Act, the Privacy Act and other applicable privacy laws governing the protection of personal information under the control of the Department of Employment and Social Development. Survey responses will not be attributed to individuals.
If you wish to obtain information related to this survey, you may submit a request to the Department of Employment and Social Development pursuant to the Access to Information Act. Instructions for making a request are provided in the publication InfoSource, copies of which are located in local Service Canada Centres.
You have the right to file a complaint with the Privacy Commissioner of Canada regarding the institution’s handling of your personal information at: How to file a complaint.
When making a request, please refer to the name of this survey: Report a Problem or Mistake on This Page.
- Date modified:
- 2018-01-18