Cra tax on bonus payments
As a Lyft driver, youre responsible for collecting GST/HST for the Canada Revenue Agency (CRA) and for filing GST/HST returns.
The amount of GST/HST you paid to Lyft will also be on your your monthly, quarterly, or annual Lyft ride earnings new york new york hotel and casino las vegas nevada statement just look for the section GST/HST on Lyft Fees.Business customers use the Tax Payment Filing Service feature available on EasyWeb for Small Business, and through TD Commercial Banking Products Services.GST/HST is already calculated in addition to the fares your passengers pay, so it wont impact your earnings.How could we improve this response?When you complete your GST/HST registration, youll get an GST/HST registration number.Your registration effective date should be on or before your first ride.
Individual circumstances may vary.
I would have called Customer Service I would have visited a branch I would have looked elsewhere on the TD website I would give.
If this tool was not available, how would you have found the answer to your question?While it may seem like you make more money driving with other ridesharing companies, once you file your taxes, it all evens out.What info will I need to register for GST/HST?Remit the GST/HST, here are these requirements step-by-step.If youve already registered for GST/HST, youll just need to add your GST/HST registration number to your Driver Dashboard in the Lyft Driver app.Collect the GST/HST, this is the easy part.Pro tip: A tax professional can help you understand which things are eligible for input tax credits and what documentation you need to support an input tax credit claim.Youll see the following sections on your Lyft ride earnings statement.Still not finding the answers you need?If the payment is made on a weekend or statutory holiday, it will be credited to your account on the next business day. .The amount of GST/HST you collected is easy to find just check either your monthly, quarterly, or annual Lyft ride earnings statement and look for the sections GST/HST Collected and GST/HST on Bonuses.
If you have questions on completing GST/HST registration, please contact a tax professional.