Filing Taxes for Uber Drivers in Canada: Most Asked Questions Answered | Uber Income Tax and HST
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- Опубликовано: 8 июн 2024
- File your Uber/UberEats driver tax return for just $80 with Uber tax specialist. Limited spots available! Click here to secure yours: instaccountant.com/uber-drive...
If you are an Uber, Lyft, Ubereats, ride-share, or any food delivery driver in Canada, you need to file your income tax return every year and claim all eligible deductions. You also have to include Form T2125 with your tax return to show the CRA how you calculated your business income and expenses. In this video, I will answer some common questions about Uber and Lyft taxes in Canada, such as how to report your income, expenses, GST/HST, and more.
Whether you are a full-time or part-time Uber driver, you need to know the tax rules and obligations that apply to you. I will explain them in simple and clear terms, and give you some tips on how to save money on your taxes.
🕒 TIMESTAMP
0:00 Do you drive for Uber
01:44 - How to pay taxes as an Uber driver
09:42 - How to report your Uber income and expenses
14:12 - When do you need to register for HST
20:47 - What can you deduct as an Uber driver
24:14 - How to keep track of your Uber expenses
29:47 - Are credit card statements enough for expenses
31:08 - What is the best app for self-employed expense tracking
This video will help you understand your tax obligations, stay compliant with the CRA, and maximize your tax deductions as an Uber rideshare or food delivery driver in Canada.
Zoombooks is the best expense tracking and bookkeeping app for rideshare and delivery drivers. Whether you work for Uber, Lyft, DoorDash, or any other platform, you can easily manage your finances with Zoombooks. You can scan your receipts, track your expenses, record your tips, and generate reports for tax purposes. Zoombooks helps you save time and money! Download Zoombooks for free today: linktr.ee/zoombooks.app
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Share this video with fellow Uber, Lyft and other rideshare drivers and help them save money on their taxes too.
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Connect with Murtaza Bhatti for a Free Consultation:
📞 Phone: +1 647-243-2884
📧 Email: info@instaccountant.com
🌐 Tax Services: instaccountant.com/income-tax...
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About the Publisher:
Hello, I'm Murtaza Bhatti, an expert accountant in Toronto, Canada. I have a lot of experience in helping people with their taxes, especially if they work for Uber, Lyft, UberEats, DoorDash or other rideshare and delivery services. I'm here to share share some useful advice and tips on how to save money and avoid trouble with the Canadian tax system. Don't miss this opportunity to get expert guidance from a Canadian accountant who understands the challenges and opportunities of the gig economy.
Disclaimer:
This video is for educational purposes only and does not constitute financial, investment, tax, or legal advice. Always consult a professional for personalized guidance tailored to your specific circumstances.
Get your Uber/UberEats driver tax return filed for just $80! Limited spots available! Book now at instaccountant.com/uber-driver-tax-return-canada-2023-offer/
Thanks for the video! I currently use excel and have spread sheets of all my gas expenses, repairs, mileages driven while on the app etc. Got all the receipts in a file folder. I will check out the app though!. On a new note, Parliament of Canada passed Bill C-47, which mandates that companies like DoorDash report all transactions conducted through their platforms, we now have to provide our TIN/SIN so that means CRA is going to know what we made before we even report it so less will be able to dodge paying income tax. One question though, can your expenses claimed toward the self employment income outweigh your taxable income to a point where it will actually generate a return? (Similar to over paying on your T4 income) Or does it zero out and not go any further?
Your expenses may outweigh the income but may not get a refund. you get a refund in T4 because of tax already deducted at source. its ok to report more expenses as long as they are business related and legit. Thanks for watching the video subscribe!
You might find the Zoombooks app helpful! It's perfect for tracking expenses and bookkeeping for tax purposes.
HI , thanks for info. Can you please tell me should we use quick method for GST/HST or regular method? I'm employed and do uber part time . another question should we file Taxes first or remit GST first?
Regular method for Uber drivers is better
File first. If you know how much you owe, you can do the payment to avoid interest.
Hello, I didn't save any receipts for Uber expenses, but I have them written in my notebook. What would you suggest to me in this case?
I would recommend using those notes as a basis for estimating your expenses.
Thanks for the video and Q&A!
You said it's mandatory to register for HST if the income from food Delivery reaches CA$ 30,000.
Is this $30K amount considered as being the result of the combined income from another source or is it just for delivery regardless of any other salary from a regular full/time part job?
Let me please clarify just in case :
CA$ 60,000 annual gross income from employment + CA$ 20,000 annual income from food delivery : is HST registration mandatory?
No it's not mandatory. Please subscribe
Do we need to keep physical receipts for 6 years or digital copies would be enough?
Digital copies of receipts are sufficient
Hello, I have a question. I am looking to start Uber driving. I primarily use my dads car for the majority of the year and am looking to use his car to do Uber rideshare. I am under the insurance policy but not the owner of the car. How will this work with taxes/ is there anything I need to do in this situation to be able to deduct expenses at the end of the year? Thanks!
You'll need to keep detailed records of your business-related expenses.
i dont know if taxes work the same way for Uber in Canada and US but I have a question. In the US Uber independent contractors get a Year end tax summary. I pay income tax on Gross Trip Earnings. That is not the amount of money that goes to the bank. Do you know why I pay income tax for Uber on Gross Trip Earnings but on Doordash and Grubhub I pay the amount of money I earn that gets deposited to the bank. Is Uber doing the accounting incorrectly or is DD and Grub doing the accounting incorrectly? Uber does the work one way and DD and Grubhub do the accounting another way. I dont understand this matter.
This doesn't necessarily mean anyone is doing the accounting incorrectly. It just reflects different approaches to reporting income for expenses.
@@instaccountant How and/or why do companies in the same industry get to have different approaches to report income for expenses?
Hi I have a question how much tax I pay if I had 2 jobs one is part-time I made 18k and other is uber I made 24k gross 19k net income so combined is 37k approximately speaking ?
The actual amount of tax you owe could be higher or lower. Consult with a tax professional who can take your specific situation into account, including deductions (car expenses, phone and internet) you may be eligible for.
@@instaccountant for Example based on 37k after expenses and everything how much you think I could pay?
What about mileage? Is it deductable?
Yes, mileage driven while working for Uber is deductible as a business expense.
Hi my wife is registered as self employed and has br, i driver uber can i use her BR for my uber?
No
If i have income low in uber less than 30k
Do i have to register for HST ?
If you are an uber rideshare driver, HST registration is mandatory from the first ride onwards.
I liked your video. but next time try to be lil short!!
Sure, will keep it concise next time! Thanks for watching! Subscribe
Bro I live in Nova Scotia , can you apply tax for me, and what’s the contact number of your company?
We can connect at +1 647-243-2884. Thanks and subscribe!
File your 2023 Uber/UberEats/ tax return for only $60! Limited spots available! instaccountant.com/uber-driver-tax-return-canada-2023-offer/