How Uber Drivers in Canada Claim Tax Deductions for Car Expenses: Lease vs Finance #shorts
As an Uber driver in Canada, you can claim certain car expenses as tax deductions. These expenses can include: ➡️ Car payments: Whether you lease or finance your car, you can deduct the portion of the payment that is interest. ➡️ Insurance: You can deduct the portion of your car insurance that is related to business use. ➡️ Fuel: All fuel costs associated with driving for Uber are deductible. ➡️ Maintenance and repairs: You can deduct the cost of maintaining and repairing your car, as long as they are related to business use. ➡️ Vehicle registration and licensing fees: You can deduct these fees if they are related to business use. ► Leasing a Car If you lease a car for Uber driving, you can claim the interest portion of your lease payments as a tax deduction. However, you cannot claim depreciation on the car itself. ► Financing a Car If you finance a car for Uber driving, you can claim both the interest portion of your loan payments and depreciation on the car. The depreciation rate will depend on the type of car you purchased. ► Claiming Tax Deductions To claim tax deductions for your car expenses, you'll need to keep detailed records of your mileage and expenses. This includes: ➡️ Mileage logs: Keep a log of all the miles you drive for Uber. ➡️ Receipts: Save receipts for all car expenses, such as fuel, maintenance, and repairs. ➡️ Insurance documents: Keep copies of your car insurance documents. ➡️ Lease or financing agreement: If you're leasing or financing your car, keep a copy of your agreement. ► Using a Mileage Tracking App Using a mileage tracking app can help you keep accurate records of your mileage. There are many apps available that can automatically track your mileage and generate reports. ---------------------------------------------------------------------------------- Save taxes by using Zoombooks, it's FREE... Zoombooks is an expense tracking and bookkeeping app for rideshare and delivery drivers (Uber, Uber eats, Doordash, Amazon etc). Don't miss a tax deduction ever again, use Zoombooks.app! Download FREE: https://linktr.ee/zoombooks.app ► Other videos about taxes for rideshare and delivery drivers that might interest you: How Uber Drivers are Taxed in Canada • How to File Taxes for Uber Eats Drive... Filing Taxes for UberEats & Food Delivery Drivers • ACCOUNTANT EXPLAINS: How to File Your... Filing Your Skip The Dishes Taxes in Canada • How to File Taxes for Skip The Dishes... Tax Deductions for Instacart Drivers Canada • How to File Taxes for Instacart Shopp... If you want to learn more, you can check out these blogs: ✅ Tax Benefits to Lease vs Finance a Car https://instaccountant.com/canada-fin... ✅ GST/HST for Uber/UberEats Drivers in Canada https://instaccountant.com/gsthst-can... Watch this video to learn more about your tax obligations as an Uber driver in Canada, and how to stay compliant with the Canada Revenue Agency (CRA). Please like and subscribe for more videos like this. ---------------------------------------------------------------------------------- Connect with Murtaza Bhatti for a Free Consultation: 📞 Phone: +1 647-243-2884 📧 Email: [email protected] 🌐 Tax Services: https://instaccountant.com/tax-accoun... ----------------------------------------------------------------------------------- We provide a lot of free information on our social media platforms. 🐥 TWITTER/1instaccountant 📘 FACEBOOK/instaccountant.ca 📸 INSTAGRAM/instaccountant.ca 📌 PINTEREST/instaccountant.ca About the Publisher: Hello, my name is Murtaza and I'm an expert accountant who loves to make Canadian taxes easy. I have a strong passion for helping individuals in the delivery and rideshare industry, including Instacart, Skip The Dishes, DoodDash, UberEats, and other self-employed individuals. Don't miss this opportunity to get expert guidance from a Canadian accountant who understands the challenges and opportunities of the gig economy. Disclaimer: This video is for educational purposes only and does not constitute financial, investment, tax, or legal advice. Always consult a professional for personalized guidance tailored to your specific circumstances.
