ACCOUNTANT EXPLAINS: How to File Your Taxes as an Uber Driver in Canada | 2024 Uber Tax Guide
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- Опубліковано 15 чер 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...
This video is packed with information that will help you understand your tax obligations as a Uber, lyft or any other rideshare driver in Canada. I'll cover everything from the basics of self-employment taxes to the Uber GST/HST filing requirements.
In this video, I will break down how you can file your tax return as a Canadian Uber driver and also what Uber expenses you can write-off and how you can calculate Uber income and how much money you can save.
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00:00 - Welcome and overview
00:45 - Tax Status as a Independent Contractor
02:43 - Calculating Uber Income and Taxes
04:14 - GST/HST for Uber Drivers
06:28 - Expense Tracking for Uber Drivers
07:50 - Bookkeeping Tips for Uber Drivers
09:34 - Tax Deductions for Uber Drivers
10:35 - Filing Deadlines for Uber
So whether you're just starting out or you're a seasoned pro, watch this video. You'll learn everything you need to know to stay on the right side of the CRA and maximize your tax deductions as a rideshare driver.
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, and optimize your earnings. Download Zoombooks for free today and see why thousands of drivers trust us with their accounting needs. linktr.ee/zoombooks.app
► Other videos about taxes for rideshare and delivery drivers that might interest you:
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If you want to learn more, you can check out these blogs:
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✅ Benefits of Refiling Your Uber Tax Return instaccountant.com/rideshare-...
This video is the ultimate tax guide for self employed rideshare drivers in Canada.
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.
File your 2023 Uber/UberEats tax return for only $80! Limited spots available! Book now at instaccountant.com/uber-driver-tax-return-canada-2023-offer/
The weekly Statement is confusing with regards to the HST (I mean Uber not Lyft).
I'll give an example
In a week I drove for Uber
Earned income $96.11
Tips $9.00
Then, they deposited $111.85 on my bank account
The statement mentions the HST as $19.03
Hang on
The earned income which I assume is the Sales is 96.11, minus the tips ($9.00) ... $87.11
Then HST should be 13% of that ... that makes it $11.32
That's not close to what Uber mentioned on their statement ($19.03)
Uber statement amount is 68% more!!
Another way to calculate the HST is
Assume the difference between the deposited amount and the earned amount as the HST.
Then HST = $111.85 - $96.11 = $15.74
Still less than the statement amount (HST)!!
Thank you so much for your help. This is really an informative video that is going to help me a lot. I'm just thinking of getting into uber ride sharing, but confused for tax thing whether it can be filed under self-employed or not. I understood a lot through your video. I have one question, I am going to buy Tesla for Uber, will its charging cost be considered under tax claim?
Glad it was helpful!
Yes it will be
For all I know, the CRA only requires GST/HST payments once the annual income exceeds $30,000. If the income is less, no HST needs to be submitted
You have to file HST if you did Uber rides, irrespective of the income amount.
Oh is it a part of the contract with Uber? Does Uber require drivers to register for a GST/HST number?
@@mrstephanwehner You need to get a GST/HST number after your first Uber ride. For UberEats, you should register when you make over $30,000, as per the CRA.
@@instaccountant So if we made less than $30,000 in a year (say $300), there is no need to file it in our taxes?
@@mrstephanwehnernothing to do with Uber. You’re self employed under the tax system
I see lots of ppl taking about keeping mileage log to separate personal driving vs Uber driving. Uber has kms driven on a document at the end of the month. Is that enough to prove to cra what was driven for Uber vs personal?
Ideally you should keep a log book. This can be used as a proof though.
In the case of a tax audit, does the CRA accept a digital copy of receipts for expenses or does it have to be physical?
Digital copies are sufficient and you can use Zoombooks app to conveniently store and manage your receipts.
Can we take ITC for new Car purchase using for uber and lyft?
Yes, you can
I’m frustrated trying to get answers from Uber help line. On my tax statement Uber has a line that says tax -4.56. I’m wanting to know if Uber Canada deducts that as HST and pays it on my behalf or what else it may be. I’m getting no answer and they keep telling me they can’t give tax advice while my question has been what is that tax record mean. It’s not an income tax question it’s just a question to what they are including on my statement. Are they just telling me what I have to pay or are they collecting it from me? They needed my HST account number.
Thats quite unusual. This might have happened due to a payment refunded to a customer. You can share this explanation with Uber support for further assistance.
The app you talked about bookkeeping Zoombook, is it paid ? where can I get it?
Zoombooks is a free mobile app that can be downloaded from the Google Play Store or App Store. (link in description)
Hi!
Can i use cost of safety standard (80+hst)certificate and police record cost(70$) as deductible when i file for taxes?
Yes you can@@zaidmohammad5179
Hi do bank statements can be used as receipts
Bank or credit card statements only show the amount and date of the transaction, not the details of what you bought or who you paid. If you get audited, you will need receipts and invoices as well.
Kindly watch this video: ua-cam.com/video/oK-wLZgz0po/v-deo.html
App not available in canada for IOS
Apologies! This is due to some technical issues that we are working hard to resolve.
Your cell no plz
Feel free to drop me a message on WhatsApp. +1 647-243-2884
Get your Uber/UberEats driver tax return filed for just $60! Limited spots available! Book now at instaccountant.com/uber-driver-tax-return-canada-2023-offer/