Self-Assessment Rules for HST/GST

1. Self-Assessment Rules for HST/GST Keeping a tab on GST and HST rules can look like a difficult process, but isn’t one if done properly. So, here is our guide to help you do HST/GST self-assessment rules, especially for the Uber drivers. This will help you while doing the Uber HST filing this year. What is the Self-Assessment of Taxes? Self-assessing means to calculate how much HST you need to pay while you submit the Uber HST file. One needs to follow the rules quite closely. Failing to do so can cause complications with the CRA department. So, here is a simplified version of self-assessment rules. You are liable for HST as Uber drivers are considered as an independent contractor for services. You are taxed on the net income annually. This means all your Uber bills plus income from any other additional source or part-time job. The amount that will be taxed includes the net income minus the business expenses. This means any expenses that relate to your vehicle. That includes insurance, license fees, gas costs, maintenance fees, etc. If you use the car for personal use, then you need to keep a log of hours used personally and for business. The expenses will be calculated on a similar percentage ratio, and only the business ones can be deducted from the final tax amount. You need to keep documents handy regarding all the expenses, especially with the note if it is used for business or personal use. Keeping expenses documents can help you during an audit as well as while doing the Uber HST filing.

2. Keeping things documented also helps in declaring the taxes on time and point. This will avoid any kind of penalties in the future. If you have a problem with self-assessment or needs help in getting the process sorted, you can contact us and get an appointment for the same. Contact: Mohan Thava Mak Tax Services 4900 Sheppard Avenue E, Unit 1B Scarborough, ON M1S 5M9, Canada. 6474351087 info@maktax.ca https://www.maktaxservices.com/uber-tax/