[Kurt Halfyard]

Uber has a free tax seminar today. Happening in about 30 minutes.
(I would join this, but I already filed my taxes so long ago in 2021, I barely even recall doing so...)

 

[Kurt Halfyard]

Tax deadline: Canada Revenue Agency warns Canadians hoping to receive any of the various COVID-19 relief benefits going forward could face delays of up to two months if they miss the April 30 tax-filing deadline.

Filing 2020 taxes late could lead to months of delays for COVID-19 financial aid, says CRA

With income tax deadlines approaching, the federal government is warnings that filing late could mean delays of up to two months for anyone hoping to receive any of the various COVID-19 financial relief benefits.

www.ctvnews.ca

 

[hooj]

Anyone lose money this year?

Expenses/costs greater than income...

 

[YYZUBER]

Tax deadline: Canada Revenue Agency warns Canadians hoping to receive any of the various COVID-19 relief benefits going forward could face delays of up to two months if they miss the April 30 tax-filing deadline.

Filing 2020 taxes late could lead to months of delays for COVID-19 financial aid, says CRA

With income tax deadlines approaching, the federal government is warnings that filing late could mean delays of up to two months for anyone hoping to receive any of the various COVID-19 financial relief benefits.

www.ctvnews.ca

June 15 for self employed

 

[dmoney155]

June 15 for self employed

Aren't you supposed to file it by April 30th, but you don't have to pay it till June 15?

 

[Kurt Halfyard]

June 15 for self employed

Sure, but if you work a 'regular' job, you need to file that portion by the 30th, so unless you are doing this full time, you simply cannot square the circle of both tax-streams being interconnected.

 

[RideshareDog]

June 15 for self employed

April 30 is when you pay June 15 is when you do the paperwork

Pay before you file that's how it works.

Also annual HST is payment is due April 30th.

June 15th is the paper work

 

[dmoney155]

April 30 is when you pay June 15 is when you do the paperwork

Pay before you file that's how it works.

Also annual HST is payment is due April 30th.

June 15th is the paper work

You're right, I turn them around.

 

[mikees3]

Go to uncle, I’ve never paid hst 🤗

 

[dmoney155]

Not bubber taxes, but in general did you guys see:

Page 6 of the return. You can deduct news?!?! that's great!

 

[RideshareDog]

Not bubber taxes, but in general did you guys see:

View attachment 592583

Page 6 of the return. You can deduct news?!?! that's great!

Ya but I'm started my torstar online subscription this year so not so helpful for me and it's $4 a month so not much tax tax savings.

 

[dmoney155]

Did my taxes (well still finalizing few things but mostly done).... and im dizzy lol

Kind of expected to pay up though. Hard to fork over big chunk of money.

 

[Kurt Halfyard]

Did my taxes (well still finalizing few things but mostly done).... and im dizzy lol

Kind of expected to pay up though. Hard to fork over big chunk of money.

I had a couple big ticket items (rear Windshield, new device, tires) that, combined with low income from ridehail apps, alleviated much of the tax burden this year.

 

[RideshareDog]

More money you make the more you pay. Just the sad reality of taxes. But hey if you choose to live in poverty then you will be paying barely anything. The choice is yours.

 

[dmoney155]

More money you make the more you pay. Just the sad reality of taxes. But hey if you choose to live in poverty then you will be paying barely anything. The choice is yours.

Yeah I know... sucks... kind of discouraging.

 

[Van1984]

I am filing Turbo Tax. Can we put capital cost Allowance zero . I want to use the depreciation value of car next year.

 

[dmoney155]

Hey @Kurt Halfyard , did you say you counted your electrons? cuz looks like for 2020 they modified the claims form and you can:

 

[Kurt Halfyard]

Hey @Kurt Halfyard , did you say you counted your electrons? cuz looks like for 2020 they modified the claims form and you can:

View attachment 593016

Yup. That one is brand new this year. I was excited to see it, as I wasn't claiming Electricity costs for the first couple years doing UBER, now there is an avenue, however, it is not clear how you calculate this or separate it from your home electricitiy bill.

Also, UBER just rebroadcasted their tax prep seminar. HERE:

Video Conferencing, Web Conferencing, Webinars, Screen Sharing

Zoom is the leader in modern enterprise video communications, with an easy, reliable cloud platform for video and audio conferencing, chat, and webinars across mobile, desktop, and room systems. Zoom Rooms is the original software-based conference room solution used around the world in board...

email.uber.com

 

[dmoney155]

Yup. That one is brand new this year. I was excited to see it, as I wasn't claiming Electricity costs for the first couple years doing UBER, now there is an avenue, however, it is not clear how you calculate this or separate it from your home electricitiy bill.

Also, UBER just rebroadcasted their tax prep seminar. HERE:

Video Conferencing, Web Conferencing, Webinars, Screen Sharing

Zoom is the leader in modern enterprise video communications, with an easy, reliable cloud platform for video and audio conferencing, chat, and webinars across mobile, desktop, and room systems. Zoom Rooms is the original software-based conference room solution used around the world in board...

email.uber.com

Im thinking maybe put in a power meter at the wall... or simply keep log when you plug it in and when you plug it out.

 

[Kurt Halfyard]

Im thinking maybe put in a power meter at the wall... or simply keep log when you plug it in and when you plug it out.

You could cross-reference with the cars computer. Many people buy a BluTooth OBDII port, and log the data the car draws, and then treat that like a fuel log.
For me, my strategy is 10% of my home electricity bill, as I have Year-over-Year statements that shows the increase in electricity after buying the VOLT. Then that 10% goes into the % for rideshare, and for instance, worked about to about 75% of kilometers last year which was 7.5% of my home electricity bill. This worked out to about $200, which is for many Uber/Eats/Lyft drivers, less than a months worth of gas. This was the reason why there wasn't much use in shoehorning it in my first years of ridehail.

It's not zero, but it's not much, either.

Say I was being taxed 25% on that income, that 'EV Fuel' would have got me back (for 1 year of ridehail) about $50. Again not nothing, but not much more than a couple pizzas in returned income. If you put that up against gasoline in a regular car, it is miniscule in terms of $$.

I suppose if you bought an inductive ring or some other device you could claim the purchase of the widget as a business expense. Also, some of the newer EV chargers have an App, that can track all of this, and might be worth looking into if you go EV and still plan on using a vehicle for a business.