T2125 on Wealthsimple Tax (formerly Simple Tax)

[mauroalves]

Hi Naomi! Thank you so much for this video! Really helped with my taxes! The way you explain seems like everything is super fun and easy to do (even with all the tension in my case as a 1st year as a self-employed!!)

[annalizagalang]

Wow I didn’t know that this is not as complicated as it seems. You just saved me couple hundred dollar bucks! I am filing my tax as a childcare provider for the first time🙏🏻

[linlsunrise]

Thank you so much, Naomi. I started my small business last year and try to file my return this month, I found your videos on youtube which is practical and really helped me a lot! I truly appreciate your simple and clear explanations!

[sharondunn]

Hi Naomi: Love your video! I have been doing taxes for over 30 years, and the occasional return with the T2125 but my clients did not make enough to require registering for HST ITC. This year, I have a client who does. I had a question about Line 3d and 3e on Page 2 of the T2125. I called CRA, spent an hour waiting to finally speak to someone who had to pass me to someone else (waited another hour). She told me to read some material and almost hung up on me because I didn't understand. Called back again later this week, same thing. I was accused of trying to get them to do the calculations for me - I didn't. All I wanted to know was what amounts go in those two lines. I would appreciate any help you could offer!!

[nandehutu]

Thank you so much for kind help. Could I just simply use the FMV as 2020 opening to calculate CCA? You mentioned to put the FMV in the additions section of the T2125. I am not able to find the additions section for vehicle (only see additions section for equipment, other properties), could you tell where is the additions section located in T2125?

[sathishskht]

Hi
I need help with filling out the form t2125 for my Uber driver tax summary.

[prashantsimejia]

Your explanation is very clear and helpful. I just stated bookkeeping and taxation. Do you have training video for taxation? Thanks

[muhammadrizwansorathia]

Will appreciate if you can do video on filing personal tax return using simple tax.

[ji]

Hello Naomi, your videos are really helpful thank you!! I just have a quick question about 'total area or number of rooms in the home/workspace'. I read your comment (on someone's question about how you came up with the 15%) and tried both methods; room number and measured area - similar to your case 100/1500 sq.ft. exclusively using it for work no other use. I noticed there's difference in the amount of return, approximately $200 (one method gives higher return than the other). Would it really matter which method I choose to use? Just wondering in case of audit or something from CRA(if there's any). Also, if I worked only 3mts in 2024 and can I still use annual totals(of business use of home expense)? I would really appreciate your answer! Thanks.

[nandehutu]

Hi Naomi, Thank you so much for the great video. I have a question, I bought a car years ago, but just started my business last year. How could I calculate the opening of vehicle depreciation?

[linlsunrise]

Hi Naomi, I hope you are doing great. I have to come back to you for a wealthsimple question of filing T5013, just in case you have some inputs and experience on this. I have capital gain and rental loss from T5013 and they are well populated to corresponding lines on T1 federal form. but they are not going onto provicial form at all which is TP1 in my case. Is it wealthsimple tax good tool for T5013? any advise? Based on wealthsimple tax agent, the software is supposed to do the provincial part, which appreantly it doesn't...many thanks!

[lyladrayson]

Hi Naomi! Thank you for your great video. I can't figure out how to claim ITCs using Wealthsimple Tax. I am able to do in Intuit TurboTax, but not clear in Wealthsimple. Can you explain please?

[candykitty]

Thank you for the video Naomi. I'm still confused about a few items and hope you're able to answer 🙂 For CCA of car, if it's purchased the same year, there's a 1/2 yr rule? Just say car is $10k. Would I put in $5k instead in the addition box?

[mortezafarhoudi]

Hi Naomi, thank you so much for this helpful video. I am a freelance product designer and your information helped me a lot. I do have a question and would be grateful for your assistance. As an international student, I am only permitted to work up to 20 hours per week, and as a result, my income is insufficient to cover my tuition fees. Therefore, my sister (who resides in the U.S.) is providing me with financial support. I am curious to know if I am required to pay taxes on the money she sends me. I have attempted to search for relevant information, but unfortunately, I have not been successful. I would appreciate it if you could suggest any useful keywords or links. Thank you in advance. 🙏🙂

[mstrmnd]

Do you know how to fill Income on T2125 if one is using the quick method for GST/HST?