Working with Uber helps one manage finances by earning some extra cash. Some people in fact make this as their primary source of income. Although this way of earning is quite eventful, it can be quite confusing while doing taxes.
Here are some guidelines for you to follow:
- If as an Uber driver, you earn more than $30,000 in a year including all your income sources, then you are liable to register for HST.
- You need to consider Uber HST filing annually. If you earn more, you can even consider undergoing the Uber HST file process on a quarterly basis.
- You can deduct all the vehicle-related expenses while Uber HST filing. Some of them may include insurance, gas, maintenance charges, and license fees. If you use the vehicle for personal use too, then you need to keep the logs for such uses.
- Failing to declare an Uber HST file is a fraud as per Canadian law and will be charged under tax evasion. You may be liable to a penalty in between 50-200% of the taxes in addition to possible jail time.
- If you are confused regarding the filing of HST, then the best way is to contact a professional agency that can help you with the Uber taxes.