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TAXES 101: Advice for Canadian Digital Creators

March 21, 2022  Published by

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)
  • Sponsorships
  • 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.

  • Paystubs
  • Expenses
  • 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

For all further information you can go online here!

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Dulcedo
Dulcedo