How to File Taxes If Self-Employed In Canada | Small Business Sole Proprietorship | Wealthsimple Tax

This video is a guide on how to file your taxes in Canada if you are self-employed. This video is for the small business owner who operates as a sole proprietor. I will be using Wealthsimple Tax to file a T1 income tax return and mainly focusing on the T2125 form for reporting business or professional income. Also even if you don't plan to file your own taxes or haven't started a business yet, you can learn about the expenses you can deduct, capital cost allowance and other important information about your tax return.

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0:00 Intro
1:27 Before the T2125 form
2:19 Identification
3:55 Income
4:48 Expenses
5:27 Capital cost allowance
8:33 Business-use-of-home expenses
9:57 Motor vehicle expenses
11:21 CPP & EI
12:30 Final thoughts

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DISCLAIMER - This is not a sponsored video, all my content is my own opinion and experiences. I am not a financial advisor and my videos are for entertainment purposes only. The financial products above contain affiliate links. Which means I earn a commission when signing up using my link at no extra cost to you. In most cases you get a sign-up bonus. All of my affiliate partners are with companies I use for my own personal finances.

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Видео How to File Taxes If Self-Employed In Canada | Small Business Sole Proprietorship | Wealthsimple Tax канала Charlee Wayne