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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 ...
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
- 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.
Your tax rate will depend on your AdSense for YouTube account type and country: Business account type: the default withholding rate will be 30% of U.S. earnings if the payee is outside of the U.S. Businesses in the U.S. will be subject to 24% withholding on total earnings worldwide. Individual account type: backup withholding will apply and 24% ...
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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Mar 2, 2022 · 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. Influencers who generate monetary and non-monetary income through social media may be carrying on business activities and earning business income.
