HOW TO FILE CANADA INCOME TAX RETURN IN 2024 | EASY, SIMPLE & FREE

In this video I share Easy & Simple steps on how to file your income tax return in Canada (do it your self), in 20 to 60mins, with maximum refund.
Since wealth simple tax (www.wealthsimple.com) is an automated software it allows for all mistake and error elimination, while giving recommendations and ways in which you can optimize your Canada tax and maximize the tax refund.
How to file Canada income tax return.
How to file Canada personal income tax return in 2024
1- Check out video on how to reduce your Canada tax bill: • Stop Overpaying Your T...
2- Check out video on how to file taxes in Canada: • HOW TO FILE CANADA INC...
3- Check out Video on Canada's Best Investment account: • Canada - RRSP vs. TFSA...
4- Check out Videos on Personal Finance: • Personal Finance
You can reach out to me at:
linktr.ee/bahrozh
0:00 Intro
1:18 Types of income tax filing
02:00 Tax filing process
09:30 T4
11:15 T5008
13:10 T5/T3
14:40 Rental Income
16:45 Personal business income
18:35 Spouse tax return filing
19:50 Final steps
21:25 End

[@bahroz]

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[@MindFlow-emc2]

Thank you for a very simple and detailed introduction.

[@bahroz]

Thanks for your support…

[@tahairfanmir]

This is great! So simple and easy to follow. Thanks for taking the time to put this together!

[@bahroz]

Thanks glad it was helpful….

[@ghazalaanjum4093]

@@bahroz i am 63 i want you to help me file tax return .i cant do all that .i ll pay your fee .please reply

[@bahroz]

@@ghazalaanjum4093 hi thanks for reaching out. In case it’s a general tax query you can ask me anything here and I’ll try to answer and help.. in case it’s a specific query you can reach out to me on private Facebook messenger (my Facebook page contact is in the description of this video)…. Happy to help..

[@ghazalaanjum4093]

@@bahroz.soo happy that you replied.thank you soo much No behroz i dont have fb account . As i m an old lady .i have whatsApp .😒

[@bahroz]

@@ghazalaanjum4093 you may write to me on [e-mail] I’ll try my best to help…

[@trisdalewong7818]

Hi! If you use cra mileage rate as deduction, where do you put this in t2125?

[@bahroz]

This would still show up on motor vehicle expenses

[@trisdalewong7818]

@@bahroz oh which section? On others?

[@bahroz]

There should be a section of vehicle or transportation expenses… if not then put it in others..

[@fevenokbay7738]

- In regards to the OTB, does every member of the house who are 18 years and above have to fill it (even though they live on the same house)! - Incase we have rent income, shared between 2 members ( both expenses and net income), in that case do they both have to fill the OTB for that specific house?

[@bahroz]

I would fill in for all and let cra decide who if eligible and for hot much… Let me know if you need more clarity. Or any other questions..

[@fevenokbay7738]

@@bahroz in that case, does it have to be the portion they share(paid for) or the total amount paid for rent, ... etc as a whole ?

[@bahroz]

@@fevenokbay7738 given your question I say it’s best to add under one person with highest income as against splitting

[@bahroz]

This way you won’t have to split

[@shabzkhaan]

Thanks bahroz

[@bahroz]

🙏

[@bellafrancis3391]

I need help how to fill a T3 on wealth simple

[@bahroz]

Do you have a t3 slip with you… if yes find in the search bar or wealth simple T3 add the T3 slip and then fill in the boxes exactly the way it shows in the your t slip.. Let me know if you have further questions I can certainly help more

[@sopala3952]

Hi…I’m using free tax software which keeps optimizing my rrsp deduction limit to lower number. deduction limit is 25k and I want to deduct whole 25k but it keeps putting in 8000 only. I did autofill from cra so 25k is there to deduct. But in calculations it goes to 8000. Any advice. Does gov not allow full deduction amount in one tax year?

[@bahroz]

The software is reading data from cra… the max limit is 27,830… I would first check on cra login (my cra account) and see what limit is it showing there under your account… if it’s 25k in cra and software is picking up wrong then override the number manually… if you have very specific question you don’t want to write here you can’t reach out to me on Facebook messenger and I can guide you more… my Facebook page is in the description..

[@bahroz]

One more check may be you already know…. But 25k May be you mr deduction limit but in the calculations you can only use the amount that you have contributed this year… so could be you only contributed 8k and hence it’s using 8k..

[@sopala3952]

@@bahroz thanks so much for your quick relies 🙏 I’ve checked cra account …total section for 2021 shows 25k ..had 12 k something limit from past years and this year I contributed 12k in 2021. . And autofill does reflect 25k deduction limit but applies only over 8000. Maybe cos it optimizes calculations ?

[@bahroz]

@@sopala3952 yes the software optimizes based on what is permitted what is your income and all… I may be able to explain more on why you see what you see… but have never had an instance where the software was not optimizing properly… keep asking I will try to help as much I can

[@sopala3952]

I subscribed ! Thank you

[@PRABHJOTPODCAST]

can you also explain how to fill t2125 form for Uber eats?

[@bahroz]

I’ll put up a video for that… but essentially you need to gather all your income and expenses and fill out the relevant fields in the form. In case you have a specific question I can help answer here otherwise I’ll put out a video very soon…

[@PRABHJOTPODCAST]

@@bahroz I worked for uber eats and had purchased a new ebike in 2021, so I want to know that how much percentage can I deduct for it and in which place on T2125 form should I fill it. And for personal rent in ontario do we get any benefit for tax and in which form and place on the form we can make it. Thanks.

[@bahroz]

Here are some details I looked up for you related to your question. www.canada.ca/en/revenue-agency/services/forms-publications/publications/t4002/t4002-5.html#tocch3d www.canada.ca/en/revenue-agency/services/forms-publications/publications/t4002/t4002-6.html

[@bahroz]

With regards to rent it seems you don’t have a business use of the house… for instance if you have a home office then you can expense part of the rental but in case or Uber I don’t see a case where you can claim house being used for work purposes.. If you have further questions or need help reach out to me here or my personal email and I’ll help out as much as I can..

[@claudine5787]

Why are you filing for 2021 in 2023?

[@bahroz]

Hi Claudine thanks… when I made the video I was filing for 2021… however same steps apply for 2022… so all you need to do is change the selection for the year basis which ever year you are filing for… hope that’s clear