Good that you included the Tax into the calculation. Prefer to use the 0.25 cents from water & gum as a buffer for unexpected expenses & not exclusively for water & gum. Reason: Most drivers are done with freebies. New drivers eventually get the gist.
Quite possibly the best way to calculate
what you have earned is
after you have finished driving a shift to see what you have
earned in a night. Then Subtract all your expenses.
Figures are reality & approximate of operating costs.
That's what I meant when I said it's very individual. Also, as has been said many times before - if you don't already have a car for Uber, it doesn't make sense to buy one for it.
This is all wrong!!! There are 1.6093 KM's in a mile... and you don't multiply the per mile cost to get the per KM cost ,,
As an UberX Driver in Toronto
it is very Likely
that you are not turning a profit
Profit begins at SURGE is 1.5x or GREATER.
Please note that the $.18 /min isnt included.
Quite possibly the best way to calculate
what you have earned is
after you have finished driving a shift to see what you have
earned in a night. Then Subtract all your expenses.
Maybe this guy is a cabbie??? LOLThese people can't even do math. And they are trying persuade with their calculations...
cabbie and uber are the same thing. Many uber drivers used to drive cab.
Lets not take your & mine percentage into commission. Most drivers are now at 25 percent. There are few with 20 percent.
In other words, no depreciation & maintenance expenses can be claimed when filing taxes. As car was already depreciated & you have to do maintenance anyway.
You have to maintain your car irrespective of whether you are using your car for Uber or not. So, why a claim when filing taxes?
Agree with the first part (until, gas are minimal).
Now this sounds like my motivation for driving Uber.... after one year of driving Uber, I can validate these points as being real. I have a brand new Honda Odyssey that costs me $110.00 a week to lease from Honda and averages about $34.00 per hour for the 15-20 hours that I drive, and I enjoy what I do which is reflected in my high 4.9+ rating.
And the same people pointing fingers have become & are drivers under a different name & no dress code on their cars.
As per the law I'm entitled to claim CCA and maintenance in accordance to the portion of mileage I do for Uber, so this can, was and will be claimed accordingly. CRA doesn't care whether I'm planning to sell the vehicle, etc. It's the law.
Sure. It's very simple, when filing taxes through T2125 you state your overall mileage and mileage for business and all your expenses and vehicle CCA. Then the portion of your expenses are being written off taxes according to percentage of the mileage you did for Uber from overall mileage.
There is no cherry pick. See above. It's Uber mileage from overall mileage part. See form T2125. I've filed two years already (2014 and 2015), it was assessed and I got my return, so it's ok.
Correct, it's just one day short of seven year period. I know all of this in and out, as I've been self employed since 2009 for several years and always filed my taxes myself entirely. Realistically, in order to get an audit for more than 2-3 years in the past, you have to screw up big time, which almost never happens. Default audit for "small fish" is usually 1 year. If they find inconsistencies, a decision can be made to go into 2 or more years. That's why I'm always telling everyone - file taxes in a legit way, don't cheat. It's very simple, there is free software that does all the calculations for you, you just have to keep all your records and receipts, that's all.
Everyone keeps saying this is the official date, and yet no one has seen any official announcement from the city of Toronto or any legal document that confirms this. I believe it's true, but I just wonder why it's not officially announced yet.
