Thanks for making these. Its unbelievable how little to no information is available from CRA or provincial authorities. And whatever there is, it's a in a cloud of legal jargon. For a first time "independent contractor" it's a freaking nightmare.
Thanks for this, man! This was super helpful for me. I was really intimidated by the T2125 and had resolved myself to hiring someone this year to do my taxes. Your video showed me (fortunately even using the same software I used) how to fill it out and what to consider. Thanks for saving me some $$! :)
Thank you so much, your overview and the process was amazing. I feel confident to file my taxes now as this is my first year as an independent contractor
what about inputting Uber's fees? their summary has a sections breaking down the fees paid to Uber by the driver. For example ~$600 GST/HST collected from riders from the Gross section and then ~$200 GST/HST 'you paid to UBER' . Feels like those fees aren't taken into account
@DanishGhaziCPA I want to know if we file tax through wealthsimple, Does it automatically filled tax for my business account as well for CRA or do i have to file separately for business account after filing through wealthsimple?
Hi, thank you for your lovely comment. I'm glad you found the video interesting and informative. 😊 I appreciate your support and blessings. God bless you and your family too. 🙏 If you enjoyed this video, please share it with your friends and family who might be interested in learning more about personal finance, investing, taxes, and more. You can also subscribe to my channel and hit the bell icon to get notified of my new videos. I post regularly about topics that can help you achieve your financial goals and live a better life. 😊
Great video, thanks. Question : as an Uber Eats driver, I get confused at the part where you have to report GST/HST collections. Is there any way you can do a video specifically outlining how those taxes get reported ? Take care Danish 👍
You can use my custom built T2125 tracking spreadsheet which allows you to track expenses and related sales tax and then fill out T2125: www.buymeacoffee.com/danishghazi/e/67496
Very informative bro and great video..subscribed right away and didn't skip any ads while watching the video. This is exactly what I need doing Instacart on the side in few months of 2021. I wonder if the CRA would ask for documents as I didn't keep track of mileage. But I only earned 4000 doing it.
@@DanishGhaziCPA should I put puting "$0" or should I guess the correct amount if I don't have gas receipt for expenses? Is there a list of document you should keep in case CRA asks for proof?
this video doesn't go over how you report CCA from previous years, this is the first year trying to do my taxes myself and I have CCA from the camera I bought last year, how do I enter that under the CCA section? Would really love to know how to handle this, other than that this video was super helpful
It depends how you filed taxes in previous years. If you didn’t file it as a subcontractor or didn’t file at all then you wouldn’t be able to claim it, because the business expense has to be claimed in the same year. However, if you still have all the receipts of business income and expenses, the log of your work that you did for your clients then you should be able to claim it retroactively. You would have to consult with an accountant on how to do it the proper way. Because you don’t want to make up numbers, you can get audited and if you don’t have receipts to prove it, there might be a large penalty.
Thanks for this detailed video If you used the same car for Uber Eats and Doordash, then do we need to use 2 separate T2125 forms and how to split the common car expenses like fuel, insurance, repair etc? Or can we combine both incomes and car mileage in just one form?
Hello, do I need to fill out one form for each company delivery? Doordash, Uber eats and skip de dishes, or I can fill out only one form with all the information?
I had my self employment taxes done today by a professional. I do deliveries. I was told that I can't claim my expenses such as car maintenance or gas purchases?
Great question, feel free to reach out on the matter here: asqme.com/@DanishGhaziCPA
8 месяцев назад
Hi man, I bought my car on 2023 for specifically DoorDash. But I could not find the place to put the amount of the money I paid for the car. In this case, I paid 6300 cash but should I just put this number onto other expenses? Thank you!
Car Purchase Cost: Since you bought the car specifically for DoorDash, it’s considered a business asset. The amount you paid for the car (in this case, $6300) should be recorded as part of your capital cost. T2125 Form: When filling out your taxes, use the T2125 form (Statement of Business or Professional Activities). Report the car purchase cost under the “Motor Vehicle Expense” section. Other Expenses: The “Other Expenses” section is typically for smaller, day-to-day expenses related to your business. The car purchase cost is significant and should be captured separately.
Hi Danish, truly love your videos👍. Also, I just want to ask how can I fill & pay cpp contributions when I am filling income tax returns as self employed. Thanks in advance
I only started doing uber eats in April of 2022. For the total miles on my car do I start from April or Jan of that year? If I need start mileage on can in Jan, which I don't have can I just estimate it?
I would recommend working through my T2125 Tracking spreadsheet to help make the process easier: www.buymeacoffee.com/danishghazi/e/67496 When working for a food delivery service like UberEats, Skip the Dishes, or DoorDash, you’re considered self-employed. This means that in addition to filing your usual T-slips (if you receive any income elsewhere as an employee), you must report your self-employment income on Form T2125. You’ll claim your gross income from the business (including tips), deduct any expenses to calculate the net business income, and report the GST/HST paid.
Great to hear you enjoyed the video. If you paid cash for your call, you would put that straight on the CCA schedule as shown in the video. Thanks for watching!
Hello! If you choose to use the CRA mileage rate instead of other vehicle expenses, you’ll report it on the T2125 form. Specifically, you’ll include it under the motor vehicle expense section. The CRA mileage rate simplifies the calculation by considering both fuel and maintenance costs. Remember to keep accurate records of your business-related mileage for proper documentation. 🚗💼
Thank you very much for this video. Indeed very helpful. I have a question regarding T2125 for Amazon Sellers? Where do we input the Amazon Fees and Amazon Transaction Fees? Thank you.
Hi Danish, I currently live in Canada and I have a question, as a business owner (sole proprietorship), I'm supposed to pay BOTH business income tax based on the profit AND then pay self-employed income tax based on the net profit after income tax?
You pay tax on your total taxable income which can come from various sources such as employment, self employment, investment income, etc. All this added together, once you take a tax deductions and credits, you pay tax on what is leftover assuming no taxes prepaid.
bro i try to file uber eat tax bu i also use skip the dishes so uber eat or skip the dishes same form use or diffrent diffrent like file together or use seprate seprate same form
I would start by off watching this video where I walk you through exactly what needs to be done for UberEats / SkiptheDishes: ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-h1I5_C2EdXQ.html Probably best to use two separate T2125s
Thank you for this amazing video. I have a confusion while trying to file self--employment return. I don't find where to enter product cost. I am an online retailer; I don't have any inventory. i ship out from supplier to customer. My COGS is mainly product cost and shipping fees, but there are only 3 fields - direct wage cost, subcontract and other costs. - no field for product cost. Not sure should I use direct wage or other cost. Could you please help me with this information? Thanks in advance.
I will be working for a foreign employer and getting pay directly to my bank account, how do i pay taxes what all legal limitations do i need to overcome here? Please suggest
Hey Danish! Amazing video! Thank you for the detailed explanation. I was really confused on to where to add my Car lease expenses. I wanted to ask you, I am earning through Instacart, DoorDash and Uber. Do I just show the expenses for my car in one of the T2125 or divide the car expense into 3 and put them in the 3 different T2125s ?
Glad it was helpful! I have a separate video for tax questions related specifically to Uber, DoorDash, etc, here is the link: ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-h1I5_C2EdXQ.html
Great video, I have a question: are you entering your expenses in the forms with both the gst and pst included? If I am a gst/hst registrant, should I be entering my expenses before taxes in the forms (subtracting the gst and pst? or subtracting the gst only?)
That's a great question, which is why I've built an automated template to help fill out the T2125 and keep track of sales taxes like GST / HST, check it out here: www.buymeacoffee.com/danishghazi/e/67496
If I filed both personal and business tax return through wealthsimple then does it filed automatically for business account or do I have to filed tax separately from business account via CRA website? Hope to hear from you soon
As a very small streamer on Twitch & Kick, I wish I knew what I had to fill in or if you have a video that explains that particular situation? Even though the video's well done I'm still in the dark.
CCA for cars, does it have a 1/2 yr rule the year one purchased it? In your example, if car is bought same year, does that mean only 15% can be claimed? CCA for cars has a 30% rate. Also, can one claim the full amount if car isn't used 100% for business use? Thank you if you can clarify on that!
If I made more than 30K with Door Dash do I have to get a GST number or can I proceed with the instructions in the video with gross income at 39K and then do my deductions?
Great question! If you've made more than $30K with DoorDash, you do need to get a GST number. According to Canadian tax rules, once your income exceeds $30,000 in a calendar year, you're required to register for a GST/HST account and start charging GST/HST on your earnings. Additionally, a driver who supplies taxable commercial ride-sharing services is deemed to be a taxi business for GST/HST purposes. This means you have to register and charge GST/HST on your fares in the same manner as taxi operators. Even if you're a small supplier, as a self-employed taxi driver or commercial ride-sharing driver, you must register for the GST/HST. You can still proceed with the instructions in the video regarding your gross income and deductions, but make sure to include the GST/HST registration and collection in your process. If you need a more personalized and private response, feel free to reach out to me on Asqme. I'm here to help! -> asqme.com/@DanishGhaziCPA
hi, I worked for Uber eats from Apr - Dec only? do I put the total Km driven for the year and the total gas as well or just for the period from Apr - Dec thx
My husband has no sin number, his open work permit application is in process. He is dependent on me now. How can I file a tax return without his sin number. I couldn’t go forward and submit the tax return with simplewealth tax without his sin. I will be grateful if you have any suggestion. Thanks
Hlo bro very informative content, can you please tell me that can we write skip and instacart income and expenses altogether on T2125 or we need to separate for both?
You can potential claim them together, it might be easier to track the details in my custom built T2125 Tracking spreadsheet: www.buymeacoffee.com/danishghazi/e/67496
I buy oil in bulk for my car, usually a year or two worth. So I have a receipt for oil purchase from 2021. I use the 2021 oil I purchase in my 2022 car maintenance. Can I use the receipt of 2021, as proof the oil expense?
Hi, I need to some help for filiing tax returns by UFILE. One of my clients is working for Uber in Vancouver BC, and he sent me his tax summary, but I don't know how to file his tax return. Can you help me show how to step by step on UFILE?
hi Danish, Cant we use Cra mileage rate for uber eats to simply claim the overall expense just using kms like for a 10000 kms driven for uber eats, doing .59×5000+5000×.53? I have seen this is a procedure with IRS, and only few articles for Cra which suggest so
I would recommend checking out my T2125 Tracking spreadsheet to help fill out the tax forms: www.buymeacoffee.com/danishghazi/e/67496 Just as you would with any other tax return, there are expenses you can claim and apply for deductions that specifically apply to Uber driving. Be sure to have all receipts, bills and statements for everything you are claiming as a deductible expense - used to calculate returns using the detailed method. In the event that you do not have records of expenses, you can use the simplified method to calculate expenses. For Uber drivers, the simplified expense breakdown multiplies the total km you’ve driven - as shown in your Uber profile - by the standard $/km rate in your province. The current rate in Ontario is at $0.58/KM for the first 5000KM, and $0.52/KM for the remainder.
Hi Im an uber driver got my tax statement . WHat is the item I will put in 2125 as my business income? is this the Gross Uber rides fares only? the first item? I need this number asap to file my taxes... Thanks
How would you do an income tax for self employed commission working for a company that pays all products etc so hardly no deduction (hairstylist) just for info
Hey, my employer didn’t deduct the tax while issued the paycheque and I got a T4A from my employer. I have filled the T4A information in the wealth simple tax return file but I am not sure how to fill T2125 because I am not a self employee. It is showing that T2125 is mandatory to fill as I have filled the income in 48 section of T4A. How can I fill T2125?! Please Guide!!
Hi Bro, this off topic but I wanna ask about CWB. If I’m living with my sister and we’re single, both qualified for CWB, are we both allowed to claim it or only one person? I’m living also with my father but he has higher income. CWB-Canada workers Benefit
Hello! If you're working with **DoorDash** as a self-employed individual, you'll need to fill out the **T2125 form**. This form is essential for reporting your **business or professional income and expenses**.
plz make this video hindi or punjabi languaj becuase some people not understand i hope you make hindi or punjabi languaj dile tax information skip door dash uber tnx
