Top 10 Income Tax Filing Tips for Canadian YouTubers

Canadian residents are taxed on their worldwide income. Essentially, if you provide information or services online and earn income from it, the Canada Revenue Agency (CRA) requires you to report it on your income tax return.
As a YouTuber, you are allowed the deduct the expenses that you incur to earn your income.

Top 10 YouTuber Deductible Expenses:

1. Filming Expenses

For any YouTuber, the process of video creation is going to come with costs, especially if that creator wants to publish content with higher production quality. Even if the creator films with a Cell Phone, the chances are they might progress to a dedicated camera and microphone as well as other hardware. Keep all your receipts.

2. Computer Expenses

If you invest in a computer that you use to edit and upload your content, you can claim that purchase as part of your tax-deductible expenses – if the main use of that computer is for your business.

3. Home Office Expenses

If you create or edit video content from home and have a specific area dedicated to it, then the CRA will allow you to claim a percentage of your home costs (rent, utilities) against that.

4. Cell Phone & Internet Costs

You can legitimately claim against Internet and cell phone costs – but only the business portion of the usage.

5. Business and Office Supplies

Business Supplies related to your type of YouTube business are tax-deductible. Office supplies also fall under this category so go ahead and claim that printer and ink, those folders and binder clips, that dry erase board, and that desk and chair.

6. Subcontractor Expenses

No matter how talented a video creator you are, there will be some skills you are going to need help with as part of your YouTube business. Outsource expenses like social media, costume design, and site design expenses are tax-deductible.

7. Professional Expenses

You can deduct the fees you incurred for external professional advice or services, including consulting fees.
You can deduct accounting and legal fees you incur to get advice and help with keeping your records. You can also deduct fees you incur for preparing and filing your income tax and GST/HST returns.

8. Travel Expenses Related to YouTube Business

You can deduct travel expenses you incur to earn business and professional income. Travel expenses include:

  • public transportation fares
  • hotel accommodations
  • meals

In most cases, the 50% limit applies to the cost of meals, beverages, and entertainment when you travel.

9. Subscription & Software Licensing Fees

If you are signed up for any subscription services or pay license fees for software or other items directly related to your business, then you can also claim these as tax-deductible.

Some examples of the type of expenses you can claim for include:

  • Website hosting
  • Domain name purchases and renewals
  • Editing software
  • Computer/Tech insurance cover
  • Website plugins
  • SEO products and services
  • Tax and accounting software

10. Bank & Shipping Fees

You can also claim against bank fees incurred as part of running your YouTube Channel, which includes expenses like Wire transfers, or if you pay a monthly fee for a business bank account or incur PayPal charges.

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