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. Sign up for Wealthsimple Tax using my link and get a $10 bonus https://my.wealthsimple.com/app/tax-o... 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 ------------------------ FOLLOW ME ON INSTAGRAM & FACEBOOK   / charleewayne     / charleewayn   SUBSCRIBE TO MY YOUTUBE CHANNEL TO HELP SUPPORT THE GROWTH OF MY CHANNEL. https://www.youtube.com/charleewayne?... -------------------------- FINANCIAL PRODUCTS I USE Wealthsimple Invest - Robo-advisor Investing app ($50 Sign-up Bonus) https://wealthsimple.sjv.io/97N0e Wealthsimple Crypto - Cryptocurrency Trading App ($10 Sign-up Bonus) https://wealthsimple.sjv.io/QBXA6 EQ Bank Savings Plus Account - Best High-Interest Savings Account https://api.fintelconnect.com/t/l/5f5... KOHO - Spending account with a reloadable prepaid Visa (Get an extra 1% cash back for 90 days) https://click.linksynergy.com/fs-bin/... Mogo - Prepaid Visa, Free Credit Scores, Free Identity Fraud Protection Bitcoin Investing & more ($5 Sign-up Bonus in MogoCrypto) https://api.fintelconnect.com/t/l/5f5... CI Direct Investing - Robo-advisor Investing app ($10k Managed for free for 12 months) https://api.fintelconnect.com/t/l/5f8... Newton - The Lowest fee Crypto trading platform ($25 sign-up bonus after you trade $100 of crypto) https://web.newton.co/r/6RGH6Z Shakepay - The best on/off ramp Crypto trading platform ($30 Sign-up Bonus after you buy $100 of crypto) https://shakepay.me/r/PBQBZMK Coinberry - Safest way to buy Crypto ($20 Bonus when you buy $50 or more of digital currency) https://app.coinberry.com/invite/f9cd... Ledger Wallet - The best Cryptocurrency hardware wallets https://shop.ledger.com/pages/ledger-... Ampli - Cashback Rewards App ($5 Sign-up Bonus) https://bit.ly/35G9SGKAmpli or use code CHARLEE57263 Borrowell - Free Credit Scores, loans & personal recommendations https://api.fintelconnect.com/t/l/5f4... Moka (Mylo) - Investing App ($5 Sign-up Bonus) https://api.fintelconnect.com/t/l/5fb... Stack - No FX Fees Prepaid Mastercard ($5 Sign-up Bonus) Check out this video for the latest referral link    • Stack VS Koho - Prepaid Card Review   Tangerine - No Fee Chequing Account & Savings Account ($50 Sign-up Bonus) Check out this video for the latest referral link    • Tangerine Bank Review - Canadian Online-on...   Simpli - No Fee Chequing Account & Savings Account ($50 Sign-up Bonus) Check out this video for the latest referral link    • Simplii Financial Review - Online-only (di...   Rakuten.ca - Cashback Reward App ($5 Sign-up Bonus) https://www.rakuten.ca/referrer?refer... Swagbucks - Earn Free Gift Cards by answering surveys, watching videos, shopping online, and more ($3 Sign-up Bonus) https://www.swagbucks.com/?cmd=sb-reg... Paymi - Cashback Rewards App ($5 Sign-up Bonus) https://app.paymi.com/referral/NP1NXN Caddle - Earn Cashback by uploading receipts, watching ads and answering surveys ($1 Sign-up Bonus) http://ssqt.co/mEg2nyL or use my promo code B913G478PH Honey - The Free browser extension for discount codes ($5 sign-up bonus after you make your first purchase) https://joinhoney.com/ref/003dhjx Public Mobile - Cheapest Phone Plans in the Country ($10 Sign-up Bonus) Check out this video for the latest referral link    • Public Mobile Review - The Most Affordable...   Honeygain - passive money making app ($5 Sign-up bonus) https://r.honeygain.me/ME_AK58F79 CashMagnet - passive money making app http://cashmagnetapp.com/?refld=d3bQtk -------------------- 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. Music: Coupe By The Grand Affair CREDIT: Subscribe Button by MrNumber112    • Free Download: Subscribe Button + Notifica...