How to file your own Canadian tax return for free! This tutorial from a CPA shows you step-by-step guide prepare your personal tax return quickly and for free!

Paul also explains how to record your self-employment income and  expenses on your return.

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✅ Get weekly tax and business tips: https://www.avalonaccounting.ca/weekl...

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🎥 CONTENTS OF THIS VIDEO

00:00 - Intro
00:46 - Create a Wealthsimple Account
01:05 - Choose Your Tax Year
01:26 - Answer a Few Questions
01:49 - Enter Your Personal Information
02:21 - Use CRA My Account to Import Information
04:21 - Questionnaire on Income and Deductions
05:55 - Wealthsimple Suggests Tax Credits and Deductions
07:26 - Add a Few More Personal Details
08:41 - Add Information About Your Family (if applicable)
09:16 - Miscellaneous Information
10:47 - CRA My Account
11:22 - Auto-fill My Return and Crypto Transaction Import
11:54 - Manage Your Tax Forms
12:33 - Spouse or Common Law Partner
14:47 - Employment Income - Enter T4 Information
15:11 - Investment Income - Enter T5 Information
15:23 - Donations and Gifts
16:09 - Medical Expenses
17:59 - RRSP Contributions and Deduction
20:22 - Review and Optimize Your Return
22:34 - Review Your Summary
23:26 - Submit Your Tax Return
23:54 - Self-employment Section Starts Here!
24:18 - Self-employment Bookkeeping (Free Template)
26:11 - Record Revenue and Expenses
27:43 - Record Asset Purchases
28:05 - Record Your Home Office Expenses
29:35 - Enter Self-Employment Info Into Wealthsimple Tax
32:21 - Capital Cost Allowance
34:38 - Business Use of Home Expenses
25:16 - Confirm Your Numbers
36:04 - Optimize and File Your Return!

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🔗 MENTIONED IN THIS VIDEO

► Setting up CRA My Account
https://www.avalonaccounting.ca/blog/...

► Understanding Medical Expense Claims
https://www.avalonaccounting.ca/blog/...

► RRSPs Explained - Video
   • RRSPs Explained - What You Should Kno...  

► Do I Have to Charge GST/HST?
https://www.avalonaccounting.ca/blog/...

► Expenses you can deduct in your business
https://www.avalonaccounting.ca/blog/...

► Free Bookkeeping Template - Google Sheets and Excel
   • Free Bookkeeping Template | Excel and...  

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Avalon is a virtual accounting firm located in Canada. We aim to be THE online accounting department for small businesses in Canada.

We provide online bookkeeping, accounting services and expert financial advice for small businesses.

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