How to Fill T2125 Form for Self-Employed and Contractors in Canada - Explained by Accountant

Are you a self-employed individual, sole proprietor, or part of an unincorporated business in Canada? If so, this video is tailored to you! In this educational tutorial, we'll guide you through the process of reporting your business income and expenses within your personal tax return using the T2125 form (Statement of Business or Professional Activities). Whether you're an Uber driver, Uber Eats delivery driver, e-commerce store owner, freelancer, or gig worker, this video will provide you with essential information to accurately fill out the T2125 form. From understanding the purpose and structure of the T2125 form to learning how to report self-employed income, general business expenses, home office expenses, motor vehicle expenses, and CCA/depreciation, we've got you covered. We'll even address common questions and concerns along the way. ⏰ Timestamps: 00:00 Introduction 04:56 T2125 form briefing 07:43 How to fill in information? 15:25 General expenses of the business 19:02 Depreciation of your assets 20:58 Motor vehicle expenses 24:45 Supplemental sheet 26:58 Conclusion Zoombooks is the best app for managing and tracking your business expenses as a self-employed professional! Built by accountants who know your needs, Zoombooks helps you track your income and expenses with ease. Download it for FREE today: https://linktr.ee/zoombooks.app ► Useful videos you may like: Registering and Filing GST/HST Online (Self-Employed/Contractors)    • How to file GST/HST return online for self...   Deducting Car Expenses as a Canadian Self-Employed Individual    • How to Write off Car Expenses for Your Bus...   Tax Deductible Travel Expenses for Self-Employed Canadians    • How to Claim Business Travel Expenses on Y...   Top Tax Deductions for Canadian Small Businesses in 2024:    • 2025 CRA Tax Deductions Every Canadian Fre...   ---------------------------------------------------------------------------------- Connect with Murtaza for a Free Tax Consultation: 📞 Phone: +1 647-243-2884 📧 Email: [email protected] 🌐 Services: https://instaccountant.com/tax-accoun... ----------------------------------------------------------------------------------- Rideshare and Delivery Driver Tax Filing Guides: ► Filing Your Tax Return as a Uber Driver    • How to File Taxes for Uber Eats Drivers in...   ► Filing Your Tax Return as a UberEats Driver    • ACCOUNTANT EXPLAINS: How to File Your Taxe...   ► Filing Your Tax Return as a DoorDash Driver    • How to File Taxes for DoorDash Drivers | W...   ► Filing Your Tax Return as a SkipTheDishes Driver    • How to File Taxes for Skip The Dishes Driv...   ► Filing Your Tax Return as a Instacart Driver    • How to File Taxes for Instacart Shoppers |...   ----------------------------------------------------------------------------------- About the Publisher: Hi, I'm Murtaza, a professional accountant and self employed tax expert who loves to make Canadian taxes easy. If you're a self-employed Canadian or a small business owner in Canada, you need to watch my videos. I'll teach you how to save money on taxes and manage your business finances better. Whether you're a freelancer, contractor, consultant or entrepreneur, I'm here for you. Subscribe to my channel for the best tax tips for Canadians. DISCLAIMER: This video is for educational purposes only and aims to provide you with the essential knowledge needed to understand the hassle-free Instaccountant online tax filing process in 6 easy steps. This video is purely educational, providing helpful information but not financial, investment, tax, or legal advice. Always seek professional consultation as needed.