Thanks to a recently signed national partnership by Intuit Canada and Uber, Intuit is delivering financial and tax-time tools, and resources and expertise to help Canadians working in the growing on-demand economy track their finances and file taxes.
Intuit research shows that the average self-employed worker makes more than 1,000 financial transactions per year, yet one-third don't claim business-related expenses that may be available to them.
The financial situation for Uber partners often is different from traditional employees. As independent contractors, they must keep track and understand tax deductions, untangle co-mingled business and personal expenses, and stay abreast of record-keeping.
Filing a tax return can be complicated and time-consuming but technology and tools can help make that process easier, especially when earnings are electronically tracked and are easier to declare.
Like other independent contractors, Uber partners are responsible for tracking and reporting their own business expenses, such as annual gross fares, mileage, tolls, gas and other expenses. To help Uber partners navigate this, TurboTax will offer tax expertise, including:
- Tax Microsite: A source of tax tips and content, including information from TurboTax tax experts to educate driver-partners and help them use TurboTax to claim the maximum tax refund they deserve.
- Comprehensive Help: Uber partners can get 24/7 answers to many of their tax questions from a community of experts and other contributors.
- Easy Transfer of CRA Information with Auto-Fill My Return: TurboTax enables customers to instantly import their official tax information, such as RRSP investment receipts, directly from their CRA "My Account" into their tax return quickly and accurately.
To help driver-partners stay organized year-round, Intuit will also offer QuickBooks Self-Employed. Users can snap and store receipts, manage expenses, mileage and invoices all in one place. To help Uber partners prepare for tax time, QuickBooks Self-Employed also includes:
- Mileage Tracking: Track mileage automatically with a mobile phone and categorize trips with a swipe. QuickBooks Self-Employed helps users identify potential vehicle deductions and prepare for tax time.
- Expense Tracking: Business and personal expenses are easily categorized by swiping left or right on in the mobile app, making it easy and fast to track every potential deduction.
- Receipt Capture: Take a photo of a receipt with the mobile app and link it to the appropriate expense.
- Effortless Invoicing: Create and send invoices effortlessly through the app on the go, and know when to follow up with customers by seeing when they've been viewed.