It’s TAX SEASON! With an ever changing landscape, digital creators + influencers NEED to pay close attention to filing taxes and what qualifies as taxable income.
The Canadian Revenue Agency announced what it considers taxable income for digital influencers/creators.
Our resident finance machine, Irma Esrabian put together this quick cheat sheet for Canadian creators.
NOTE: Always check your official and respective government website or speak to a CRA representative directly to ensure you have all the correct and most up-to-date information!
INCOME/ITEMS YOU NEED TO REPORT TO CRA AS A DIGITAL CREATOR
This is not a complete list of what qualifies and what doesn’t, but according to the guidelines given by the CRA, you should make sure you report things like:
- Channel subscriptions (YouTube, etc.)
- Advertising (clickbait and brand advertisements)
- Merchandise sales or commission on sales
- Tips or donations
- Free perks/gifts such as products, clothes, trips, etc.
FILING DATES for taxes, contributions, from 2021:
- April 30, 2022 (May 2, 2022 since April 30 is a Saturday): Deadline to file your taxes
- June 15, 2022: Deadline to file your taxes if you or your spouse or common-law partner are self-employed
WAYS TO DO YOUR TAXES
File your taxes online or by paper, or find other options such as having someone else complete them for you:
- NETFILE and EFILE Certified tax software (electronic filing) or TurboTax software
- Authorize a representative
- Community volunteer tax clinic
- Discounter (tax preparer)
- Tax filing assistance from a CRA agent
KEEP TRACK OF THE FOLLOWING... to make filing as efficient as possible.
- Bank statements
- Credit Card statements
- Cash payment bills/receipts
HOW TO SELECT A GOOD ACCOUNTANT
- References from people in the same industry is the key.
- Book a consultation appointment to make them understand your business/ventures
- Make them give you a checklist of everything they need
- Prepare your questions in advance of your consultation