How to file your SELF-EMPLOYED taxes with Wealthsimple (DIY T2125)?

Описание: Want to file your own taxes? For many Canadians, your personal tax return is likely very basic & simple. With all the great tools out there like Turbotax, Ufile, Wealthsimple, you can definitely make it a 2025 goal to tackle this on your own!

This walkthrough video focuses on a self-employed individual :
Scenario 1: Basic (Revenue - Expenses only)
Scenario 2: Add Capital Assets
Scenario 3: Add Home Office & Auto Expenses

I have a separate recording for a young adult filing with ✅ T4 (employment income), ✅ T5 (investment income), ✅ T2202 (eligible tuition credits), ✅ T4A (taxable scholarships & grants). Check out    • How to file your taxes with Wealthsimple (...  

The overall message? Taxes do not have to be scary!

00:00 Introduction to Filing & Staying Organized
04:00 Understanding Business Income (Accounting vs Sales POS)
05:10 Scenario 1: Super Basic Self-Employed Individual (no Sales Taxes, no Home Office or Auto Expenses, no Capital Assets) . Can Wealthsimple Tax do the job?
09:50 Accounting Lingo: Capital Asset vs Operating Expense
11:20 Scenario 2: Same as Scenario #1 + Capital Assets. Can Wealthsimple Tax do the job?
13:25 Scenario 3: Same as Scenario #1&2 + Home Office Expenses + Auto Expenses. Can Wealthsimple Tax do the job?
18:55 Overall Verdict (Scenarios 1,2,3)
20:00 DIY or Hire a Professional? Key Considerations


Disclaimer: This content is for educational purposes only and should not be considered financial, tax, or legal advice. Everyone’s situation is different—before making any decisions, consult a qualified tax professional or financial advisor to ensure it aligns with your specific circumstances. 🚨