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Nov 8, 2023 · The tax filing deadline for individual 2023 tax returns is April 30, 2024. If you’re self-employed, you have until June 15, 2024 to file. But there’s a catch: if you owe money, the CRA will charge you interest from May 1, 2024 onwards. The sooner you file, the sooner you’ll get your refund. Keeping a detailed record of all your expenses ...
- Reasons to Incorporate
You’ll have to pay personal income tax on that amount, so...
- Sole Proprietor
As a sole proprietor, you have a different income tax filing...
- Reasons to Incorporate
- What Is A Social Media Influencer?
- Did You Receive Subscriptions, Gifts, Donations Or Other Income?
- How to Correct Your Tax Affairs
Social media influencers use social media platforms, such as YouTube, Instagram, Twitch, Facebook, Twitter, or a blog to make posts and build up followers of their content. When posting is a source of income, the Canada Revenue Agency (CRA) considers it a business activity.
If you earned income through similar circumstances, such as posts of pictures, videos and more on social media platforms that involve product placement or product promotion, you are considered to be undertaking a business activity. You can earn income in many ways, both monetary and non-monetary, including, but not limited to: 1. subscriptions to y...
If you did not report your income from platform sales and social media activities, you may have to pay tax, penalties and interest on the income. By correcting your tax affairs voluntarily, you can avoid or reduce penalties and interest. To correct your tax affairs (including corrections to GST/HST returns) and report income that you did not report...
As an influencer resident in Canada, you must report all such income (monetary and non-monetary) earned in and outside of Canada. Report and pay tax on all income earned on social media platforms as self-employment income by completing line 26000 of your income tax and benefit return and Form T2125, Statement of Business or Professional Activities.
Mar 2, 2022 · If you did not report your income from platform sales and social media activities, you may have to pay penalties and interest in addition to the tax on the unreported income. By correcting your tax affairs voluntarily, you may avoid or reduce penalties and interest. To correct your tax affairs (including corrections to GST/HST returns) and ...
Aug 1, 2023 · If you are a Canadian YouTuber, this video is for you.The 7 most commonly asked questions by Canadian YouTubers. - 0:00- Do Canadian YouTubers have to pay ta...
- 9 min
- 317
- TalbotAssociates CPA
Aug 21, 2023 · In Canada, money earned from YouTube is considered business income. Hence, you’re required to report this as part of your annual income tax filing. Form T2125: Part of the T1 income tax package, this form allows you to report your business or professional activities. Tax Brackets: Ensure you’re familiar with federal and provincial tax brackets.
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Jun 8, 2023 · An experienced Canadian Tax Lawyer can ensure that you accurately report all your earnings to avoid any tax-related issues. In addition to Income tax requirements, social media influencers may also need to register for the Goods and Services Tax/Harmonized Sales Tax . Depending on the scale of their activities, if influencers’ taxable supply ...
