This includes TikTok, YouTube, Instagram, Twitch and more! 💰
If you’re making money online, you’ll need to pay tax on it! That’s the message coming from the Canada Revenue Agency (CRA), as it reminds Canadian social media influencers that the tax deadline is fast approaching.
In a new notice, the agency explained, “When posting is a source of income, [the CRA] considers it a business activity.”
This includes posting on social media platforms like TikTok, YouTube, Instagram, Twitch, Facebook and Twitter, as well as blogs and similar websites.
It’s considered to be a business activity if you’re making money by posting photos or videos, getting subscriptions to your channel(s), advertising, accepting or giving out sponsorships, selling merchandise, taking tips or donations and accepting freebies like products, clothes or trips.
All of this social media income (both monetary and non-monetary) must be reported on your income tax return, the CRA says.
To avoid making a mistake, be sure you double-check your return before filing!