I have a question.If I have Uber ride and Uber eats business then T2125 needs to fill up.What about expenses do I need to report Uber eats and Uber ride expenses same amounts ?
Hey there are you able to elaborate how this would work for DoorDash Drivers in Canada.. it is my 3rd week from Vancouver Island working as a doordash delivery driver. Doordash doesn't send T4 Slips which requires this T2125 to be done.
@@instaccountant im only doing door dash for this month of the year March 2024 then I'm stopping I'm hearing lots about after tax. I can add the Gas and partial Phone bill when I do my tax for next year right? I've already done my tax for this year just before doing doordash
I have bought and sold a house in 2023, so it is getting taxed as business income. I am wondering what should I input for line 3A, as I did not pay HST for selling my house just for the realtors commissions?
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
Thank you Murtaza for the great video, what about when a self-employed, herself is issued a T4 for a employee helper, of course payroll account is already registered with CRA. Where does this expense go in T2125?
Hello thank You for the video. Question. If I was an employee from January to May 2022 and became a sole proprietor in June 2022 should I file my taxes with those two incomes at the same time or as an employee only and do the sole proprietor later at the end of the fiscal year
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
I watched this video 3 times, before, during and after I filed my form! Very informative. I have a question, when entering the total lease charges and manufacturer's list price for the leased car, should I enter values including HST or not? I understand that all numbers in this form are without, but I think numbers in Chart C won't be compatible if I don't enter HST because the allowable amounts include HST (the 800 or 900 per month and 30,000 or 34,000 max capital, and the max MSRP of 40,000). If yes, and for the final eligible lease cost, do I add the corresponding ITC in my HST filing or this was already used in the calculation so I should not claim any ITC for lease charges? Thanks a lot.
Very helpful - thank you!
Thanks for this information. Would you have one for the CPP calculations for sole proprietors?
Sure! I'll cover CPP calculations in an upcoming video.
Can I claim car maintenance cost as an expense even though my business is not generating any income?
Yes, but the expense must be directly related to your business activities and substantiated.
Thanks for the relevent information
Thanks for watching the video. Keep supporting.
I have a question.If I have Uber ride and Uber eats business then T2125 needs to fill up.What about expenses do I need to report Uber eats and Uber ride expenses same amounts ?
@@KhalilAhmed-z6y Report Uber rides and Uber Eats expenses separately on the T2125 form.
Hey there are you able to elaborate how this would work for DoorDash Drivers in Canada..
it is my 3rd week from Vancouver Island working as a doordash delivery driver. Doordash doesn't send T4 Slips which requires this T2125 to be done.
Doordash does not provide T4 slips. Instead, they provide earnings statements sent by email.
@@instaccountant im only doing door dash for this month of the year March 2024 then I'm stopping I'm hearing lots about after tax. I can add the Gas and partial Phone bill when I do my tax for next year right? I've already done my tax for this year just before doing doordash
I have bought and sold a house in 2023, so it is getting taxed as business income. I am wondering what should I input for line 3A, as I did not pay HST for selling my house just for the realtors commissions?
Enter the total selling price of the house.
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
You should receive a Notice of Assessment for both personal and business returns.
Thank you Murtaza for the great video, what about when a self-employed, herself is issued a T4 for a employee helper, of course payroll account is already registered with CRA. Where does this expense go in T2125?
You need to report on line 8 of Schedule 7, under Salaries and wages. This is an expense that reduces your net income from your business.
Thanks for information
Thanks for your interest as well, keep supporting.
Hello thank You for the video. Question. If I was an employee from January to May 2022 and became a sole proprietor in June 2022 should I file my taxes with those two incomes at the same time or as an employee only and do the sole proprietor later at the end of the fiscal year
You will file at the same time. Same tax return will carry both income information. You can email at info@instaccountant.com if you need any help.
@@instaccountant thank You. Very much. Now I don’t have to do another tax report at the end of the fiscal year. Correct?
@@mlara1270 Yes. You can contact me via email if you need any further info. Happy filing!
@@instaccountant appreciate it
@@mlara1270 Glad to be of help. Please subscribe!
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
You are responsible for reporting and paying taxes on that income yourself to the CRA (consult a tax professional for specifics).
I watched this video 3 times, before, during and after I filed my form! Very informative. I have a question, when entering the total lease charges and manufacturer's list price for the leased car, should I enter values including HST or not? I understand that all numbers in this form are without, but I think numbers in Chart C won't be compatible if I don't enter HST because the allowable amounts include HST (the 800 or 900 per month and 30,000 or 34,000 max capital, and the max MSRP of 40,000). If yes, and for the final eligible lease cost, do I add the corresponding ITC in my HST filing or this was already used in the calculation so I should not claim any ITC for lease charges? Thanks a lot.
The net amounts only.
Very Nice Video. Could you also guide where do we enter 25% commission charged by Uber. Thanks
Under "Other expenses
Hi
For Uber Eats,do I put the cell phone expenses in utilities in T2125 or in other place. Do I put total amount or just for the business portion.
Cell phone goes into T2125. Claim only business portion
@@instaccountant My question do I put cell phone expenses in utilities field or other field like other expenses in T2125.
Do we use this form t2125 all over canada or in certain provinces? Tnx
What cra provides is for federal use-so all provinces have the same submission requirements unless they list an exemption for a province
Form T2125 is a federal form, so it is used by all provinces and territories in Canada.
I appreciate your videos but wondering if you could move along a little faster and not say one thing 5 different ways within 5 min.
Thanks for your kind suggestion, keep supporting.