💼Keep at least 25% of your income aside for expected taxes.
📝Gather information such as annual tax summary, receipts, and mileage for filing taxes.
💰Expenses like gas, maintenance, cellphone bills, and office supplies can be tax deductible.
🚗Claim vehicle-related expenses such as lease payments and capital cost allowance.
📲Record telephone charges and data plans related to your business.
Do I need a GST/HST number for my ride sharing or food delivery business?
—If your total earnings are below $30,000, you don't need it. Otherwise, you should register for a GST/HST number.
What expenses can I claim as tax deductible?
—You can claim expenses like gas, maintenance, office supplies, cellphone bills, and lease payments for the vehicle.
How much of my mileage can be used for business purposes?
—You need to track your mileage and determine the percentage used for business purposes, which can be claimed as an expense.
Can I claim meals as a tax deduction?
—Meals can be claimed as a tax deduction if they are directly related to your business, such as out of town trips.
What forms do I need to fill out for filing taxes?
—You need to fill out Form T2125 for your ride sharing or food delivery business, along with other relevant schedules and forms for personal income tax.
02:38Keep at least 25% of your income aside for expected taxes that will come at the end of the year.
07:35Gather information such as annual tax summaries, receipts, and mileage from your ride sharing or food delivery business.
09:56Expenses like gas, maintenance, cellphone bills, and office supplies can be claimed as tax deductible.
14:20Claim vehicle-related expenses such as lease payments and capital cost allowance for your tax filing.
16:32Record telephone charges and data plans related to your ride sharing or food delivery business for tax purposes.
