Driving for Uber or Lyft or Skip is one of the most flexible jobs in Canada. Whether it’s your full time job, part-time gig, or an occasional source of side income, the rules around taxes for rideshare income are quite specific. Here are the (tax) rules of the road.
The Canada Revenue Agency (CRA) looks at being a ‘courier’ for a food delivery app and being a ‘driver’ for a ride sharing app as two different business activities, so the tax reporting requirements differ for each.
If you’re a courier, i.e. delivery for an online food ordering company, GST/HST registration is not necessary until your annual income is over $30,000.
You are required to complete and submit Statement of Business or Professional Activities (Form T2125) along with your tax returns.
You will need the following information:
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