How to File Taxes in Canada - TurboTax Self-Employed Tutorial

[@determinationsuccess9574]

Dear Jessica, I'm a french speaker, newcomer in Canada. Thank you so much. I really like your explanation, it's very clear and comprehensible for someone non native english speaker like me.

[@jessicamoorhouse]

You're so welcome!

[@financiallylitwithmargaret5118]

Hey Jessica loved the tax episode on your podcast this week. One new benefit I’m not sure you and Susan talked about was the Canadian Training Credit. It’s a $250 credit with a lifetime benefit of $5000. I did a super quick video on it. Definitely take advantage of that credit as well! Keep up the great work ☺️

[@jessicamoorhouse]

Very cool, and I can't remember if she mentioned it but if not thanks for sharing!

[@m4st3rm1nd9]

27:30 Unfortunately, you stopped where I wanted to see what to do next. Would have been better if you actually showed the part where we fill self employment income and expenses.

[@jessicamoorhouse]

For sure, but the good thing is, you can easily try it out yourself for free and the program really does walk you through what info you need to put in yourself. You only pay if you actually want to Netfile your taxes. So I'd recommend making an account and just playing with the program to see what comes after the part I stopped at. :)

[@Mmmtruk]

@@jessicamoorhouse Under which tab do I report my personal income earned from my self employment? I have to file both the business and personal income separately but it did not walk me thru that. Do I have to write myself a T4?

[@jessicamoorhouse]

@@Mmmtruk If you're a sole proprietor no you don't have to give yourself a T4. Since I don't really know your situation, I would suggest contacting TurboTax's support team to help you find out where to input your income.

[@RyanThomasWoods]

I’m so happy you made this video! I was looking into the DIY self/employed but didn’t sign up because I thought I would have to pay first! I’m so happy I can go into and play around with it first before paying. Do you think the DIY + assist version is similar to the self-employed DIY but just with the option to talk to someone?

[@jessicamoorhouse]

So the good thing is you can start with the DIY version then at a certain point you get asked if you want to upgrade to the Assist & Review. So you don't have to commit to the Assist & Review right away if you're not sure you want to do it. I haven't tried out the Assist & Review myself, but ya I believe it's basically the same thing as the DIY but then after you've filled out all your info, you get some assistance and get them to review your work.

[@MinnieOnCam]

glad I re-watched this video, I was thinking I could go into an HR block office, but happy Turbo Tax has a self-serve option. That I can stay home and get my taxes done for almost the same price. 🤣

[@jessicamoorhouse]

Glad it was helpful!

[@MartinVenus]

I like the way you explain, thank you

[@jessicamoorhouse]

Thanks!

[@gothicfreak87]

Just wondering if this is still up-to-date? Since I'll be following this tutorial for my 2023 taxes

[@jessicamoorhouse]

If there are any changes, they will be reflected inside TurboTax and it will guide you through the whole program from start to finish.

[@diandrarodrigues9372]

I loved this video. Too bad I arrived late, and your checklist is no longer free.

[@jessicamoorhouse]

It's still free. I was just moving it to my free Resource Library. You can find it here courses.jessicamoorhouse.com/order?ct=3409205d-ad0c-4e4c-b530-3d14745388d1

[@diandrarodrigues9372]

@@jessicamoorhouse thank you so much for your response

[@mariaconstanzaherreraherre2346]

Thank you Jessica for the video

[@jessicamoorhouse]

Glad it was helpful!

[@204carguy]

How would I file if all my sales are local on treaty reservation land ? I don’t collect taxes from sales. But I pay taxes for my stores orders. Gas for delivery. Registration for vehicle etc. Would I receive a refund ?

[@katelinturcotte4574]

Once you submit personal taxes and fill out the self-employed portion.... do you need to file anything else as a sole proprietor like business tax filing or gst/hst forms of any sort? Thank you

[@jessicamoorhouse]

As a sole prop, you just file your personal income tax return. If you're registered for GST/HST or other provincial sales tax, you file and pay those separately. You may be thinking of corporations. If you're incorporated, your corporation has to file a corporate tax return (separate from your personal tax return).

[@motivationalinsights1860]

Hi Jessica, can you do an updated video for this year for people that work a job and also have a sole proprietorship business?

[@jessicamoorhouse]

A new tutorial video? Probably not going to do that but I am working on a blog post. Any specific questions you have?

[@LanguisticSchool]

Jessica, great video. Thanks a lot. As for meal expenses, I know you can deduct meal expenses with clients, but can you deduct meal expenses with employees (e.g., not a party, just a lunch with an employee discussing business)?

[@jessicamoorhouse]

My guess would be no but I'd suggest contacting the CRA to see what they see. Also more info can be found here www.canada.ca/en/revenue-agency/services/tax/businesses/topics/sole-proprietorships-partnerships/report-business-income-expenses/completing-form-t2125/line-8523-meals-entertainment-allowable-part-only.html

[@user-wo1ng5mj5x]

I bought Tesla cash for my self employed 2023. I prepare food and deliver them. How can I enter the car expense on CCA?

[@jessicamoorhouse]

Talk to an accountant.

[@marikoflores7347]

Thanks for this video! Was wondering if I were using my vehicle for business/ personal use should I keep all my gas receipts?

[@jessicamoorhouse]

Yes, definitely keep your receipts! Here's some more helpful info on car expense deductions for a business quickbooks.intuit.com/ca/resources/expenses/how-to-write-off-vehicle-expenses/

[@marikoflores7347]

@@jessicamoorhouse ty!!

[@localjoepro355]

Awesome video and great information. What software do you use to make these videos?

[@jessicamoorhouse]

Adobe Premiere

[@localjoepro355]

@@jessicamoorhouse thank you for the response :)

[@mydinh1821]

Thank you Jessica for the helpful video and the 20% off link. I am employed for 8 months and contractor for 4 months for different companies, do I have to file tax as self-employment?

[@jessicamoorhouse]

Yes if you earned self-employment income and employment income, then you would use their self-employed tax product.

[@hieuhuynh3084]

Thanks for sharing the details as well as the link for 20% :) I will probably be using TurboTax again this year. However, I wonder in case you know if they can assist with income from a US company like A Medium Corporation? Thanks

[@jessicamoorhouse]

Great question and I'm sure they could. I'd talk to their support team to find out.

[@luisabalan63]

So does the walk through you did for us include the filing of just your personal taxes as self-employed or is it BOTH the personal and GST/HST filing you'd have to do??

[@jessicamoorhouse]

This video just goes through how to file your income taxes. I made another video on how to file your GST/HST here (you do that directly through the CRA, not tax software). kzbin.info/www/bejne/pqutqWWMgs2Mac0

[@ZombieCorp999]

If I'm self-employed under my name do I still need a business license?

[@jessicamoorhouse]

If you're simply using your legal personal name, no you don't need to register your business.

[@pricebree]

Howdy, Thanks for this, I feel empowered to do my self employment taxes on my own this year. Do you have a discount code for 2022?

[@jessicamoorhouse]

I don't however, I'm currently running a contest giving away 5 free licenses: jessicamoorhouse.com/how-to-file-self-employed-taxes-in-canada-for-the-first-time-with-turbotax/

[@junglemoderne6550]

How do we use your TurboTax link? It is going to the Tax Prep checklist. Thank you!!

[@jessicamoorhouse]

Ugh my bad! Here's the link jessicamoorhouse.com/turbotax

[@mrchocolate4eva]

Thanks for the tax tips. Your video quality is so good! what camera do you use? 😊

[@jessicamoorhouse]

Thanks so much! I use a Canon 70D

[@Cudiagraphics]

Do you pay quarterly taxes/ instalments in Ontario as a self employed individual? TIA

[@jessicamoorhouse]

Typically the first year of being self-employed you pay annual income taxes, but then after that the CRA requires you to pay quarterly.

[@nikalex2951]

Hey does this video tutorial apply for Corporation owners? I own a Canadian llc

[@jessicamoorhouse]

No, this video is for if you're self-employed, such as being a sole proprietor or partnership. If you're incorporated, you have to file both a corporate tax return then a personal tax return, so I'd suggest working with an accountant for that. Also, we don't have LLCs in Canada. You're either a sole proprietor, partnership, or corporation.

[@nikalex2951]

@@jessicamoorhouse thank you :)) makes sense

[@lindamorgan2678]

Can a person just use the "standard" version to do a simple self employed personal name and home office. I understand it has all the forms needed, so wondering how it is different than self employed. My friend said you could but you have less returns in the total price. Thanks in advance

[@jessicamoorhouse]

If you're self-employed, you should use the self-employed version of TurboTax to do your income taxes. But if you want to try them both out, you can for free. You only pay when you're ready to file your taxes.

[@newleo3115]

Why track your fuel when you can easily ballpark it

[@jessicamoorhouse]

Because if the CRA audits you, you want to have the receipts to back up your claim.

[@Pulpswo]

Can your write off if you are employed and working 100% from home? Such as internet bill, electricity, etc? Please help. Thank you

[@jessicamoorhouse]

If you're an employee working for a company, you can find more info about how to deduct home office use here www.canada.ca/en/revenue-agency/services/tax/individuals/topics/about-your-tax-return/tax-return/completing-a-tax-return/deductions-credits-expenses/line-22900-other-employment-expenses/work-space-home-expenses.html

[@fartcannon]

I filed taxes jointly with my spouse (regular T4 and typical deductions like childcare and donations). Instead of creating a totally separate profile for Incorporation, can I just do it with the same login profile and file an adjustment?

[@jessicamoorhouse]

Not sure if I understand. Firstly, in Canada you don't file joint taxes with your spouse (that's only in the US). And if you're incorporated, that's also a completely separate entity than you personally, so you'd have to have a CRA My Business account for your corp, and CRA My Account for personal taxes, and would of course have to file a corporate tax return and a personal tax return.

[@snowwhite2709]

If you are a sole proprietor and it's your only income do you do self employment tax form as well as a personal too?

[@jessicamoorhouse]

If you're fully self-employed and you want to use TurboTax, yes you would choose one of these turbotax.intuit.ca/tax/software/self-employed

[@BasicPixel]

Hi Jessica, Thank you for your video, it is really helpful. I just have a quick question. I was a independent contractor back in 2019, however not the same in 2020. If I want to file corporation tax return for 2020, can i use the Turbo tax self employed option? I am asking this as I started filing it wathing your video, but it asked me about T4, RRSP and other items, nothing about T2. Though I was employed in 2020, my personal taxes are completed, I just want to file a nil return for my corporation. Thanks!

[@jessicamoorhouse]

I'd suggest contacting them to ask what software would make the most sense for your situation. If you have to file corporate taxes you can't do that with their self-employed software, you may need to use this. turbotax.intuit.ca/tax/software/business/business-incorporated

[@BasicPixel]

@@jessicamoorhouse Thank you so much!

[@nawrozfatima7116]

Hi Jessica, very helpful video! I have a business number, when or where would I put that in? Thank you!

[@jessicamoorhouse]

That should be part of the identification process at the start. You can find more info here turbotax.intuit.ca/tips/small-business-tax-tips-filing-a-t2125-4119

[@archlocker]

it was just last year that turbo tax was free for individuals that are self employed, now it cost $45... Do know of any free self employed software or services?

[@jessicamoorhouse]

Wealthsimple Tax is still free I believe.

[@TanyaGriffiths]

Hi Jessica! I am a sole proprietor and I have Intuit's Quickbooks to manage my business' account. Is the information you provide in this video also applicable for QB? I'm feeling a bit lost so any advice would be helpful :) Thank you!

[@jessicamoorhouse]

Well this particular video is about using TurboTax to file your taxes. Quickbooks is accounting software to help you get organized for tax time. But, when you're ready to file your taxes, you should be able to easily pull the necessary info and reports from Quickbooks to input into TurboTax saving you a ton of time (compared to say, keeping track using a spreadsheet). Or if not using TurboTax, you could either provide your tax accountant access to your Quickbooks account or pull whatever reports they need to file your taxes for you.

[@ryanlaingmvp3191]

What is a t1 general for self employed

[@jessicamoorhouse]

You can find out plus some other helpful tax return terminology here: quickbooks.intuit.com/ca/resources/self-employed/canadian-self-employment-tax-forms/

[@brianpaulino]

If I made income with Uber and Doordash, do I have to complete two separate T2125 forms?

[@jessicamoorhouse]

The TurboTax software should be able to guide you, however as stated on the CRA website "If you have both business and professional income, you have to complete a separate Form T2125 for each. You also have to complete a separate form for each business or professional activity you have, if you have two or more of either." www.canada.ca/en/revenue-agency/services/tax/businesses/topics/sole-proprietorships-partnerships/report-business-income-expenses/completing-form-t2125.html

[@brianpaulino]

@@jessicamoorhouse thank you for your response, I just wasn't sure if because they're technically two of the same type of business "ride share" they could go into one.. appreciate your response, thank you.

[@jessicamoorhouse]

@@brianpaulino No problem!

[@GurpreetSingh-uh8vj]

@@brianpaulino Same question doing Uber door dash Nd skip the dishes

[@PapaJexs]

Not helpful at all..

[@jessicamoorhouse]

Was there something specific you wanted to know about that the video didn't answer?